Recent studies signal that nearly half of mid-market business owners do not feel prepared for the most pressing business risks. From technology disruptions to revolving regulatory updates, business owners must shield their operation from a barrage of risks. Ensure business insurance coverage, policies, safety standards and procedures are working together to provide comprehensive protection.
Cyber protection
While cyber liability insurance provides a financial cushion for expenses and damages pertaining to breaches and cyberattacks, reputational damage can be irreparable for an organization. The biggest vulnerability in a business’s cyber security effort is human error. Insurance coverage should be supplemented with employee education on how to identify and report suspected social engineering attempts. A simple click on a malicious email can expose your business’s sensitive and confidential information to bad actors.
Business continuity
Almost all businesses have risk management policies, but one in five does not have a business continuity plan in place. Businesses lacking continuity plans are exposed to operational disarray after unexpected challenges. Resiliency hinges on preparation. Strategizing responses to disruptions can minimize the impact of disturbances and curtail operation interruptions. In some cases, business continuity plans may even result in lower premiums for certain insurance lines.
Industry-specific risks
The ever-evolving legislative landscape is difficult to maneuver, but failure to meet regulations can derail an organization. Having proper insurance and meeting required coverage limits is nonnegotiable for businesses. Many industries also have industry-specific standards and regulations to uphold. For example, the Occupational Safety and Health Association (OSHA) issued guidance for properly fitting personal protective equipment (PPE) for the construction industry. OSHA also oversees recordkeeping and reporting requirements that vary by industry and employer size.
Ready to take your business protection to the next level? Work with your trusted Bukaty Companies Property & Casualty risk managers to identify and remediate gaps in your business protection plan.