Emerging Risks Facing Many Small and Large Businesses
You buy commercial insurance to protect your business from the unforeseen events that might cause a claim, damage, or loss. Commercial insurance provides the financial resources necessary to help your business recover from a covered loss. As your business grows, so does your risk. As social norms change, your business risks also change. A commercial insurance review can help you better understand your new risks and how best to manage them.
Common Emerging Risks
1. Allowing employees to work from remote locations. However, this can create new liabilities for businesses. Remote workplaces might create risk of cyber breaches, undocumented workers’ compensation claims, and other HR issues.
2. The use of imported products can adversely affect your businesses risk. If you use imported products as part of your manufacturing process, you have an increased risk of that product failing. You may then have difficulty recovering your losses in a foreign country.
3. The shortage of skilled workers can also increase your business risk. Set up a thorough training program to ensure all new employees have an understanding of their job duties and functions.
4. Business interruption losses can close your business down. It is important to have the right kind of business insurance to cover a shutdown. Coverage can include payroll, extra expenses, and lost revenue.
5. Loss of brand reputation can kill your business overnight with the use of social media. Make sure you respond quickly to all client concerns and have a social media policy for your business.
Established by company president John Roussel in 1985. Roussel Insurance & Financial Services was founded to assist business owners and professionals in their insurance and employee benefit programs. Our mission is to give you the peace of mind that your business and personal assets are properly safeguarded. Each business and individual has its own circumstances which dictate that would be needed to safeguard years of hard work .
This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.