Is There Such A Thing As Normal Risk?

Business owners and managers must now think outside the box when it comes to risk and related insurance as there is no longer such a thing as “normal risk”. This is a call to action for insurance professionals to educate themselves on the changing landscape and to consumers to look for an insurance broker who creates value and not just low-cost insurance.

It is important to look at the future of risk and design a program that addresses the risks ahead. Buying a standard insurance product may not manage the changing risk profile.

Our Top Risk Issues For 2022 And Beyond

• Product reinvention will be accelerated if supply chain and inventory management risks are sustained.
• Electric and self-driving vehicles will continue to emerge for both business and personal use.
• COVID-19’s disruption of supply networks is expected to last in to the foreseeable future.
• Cyber Risk.
• Home businesses are on the rise and require a review of personal insurance coverage.
• Almost every company is dealing with talent shortages.  There is a need to invest in technological infrastructure and capabilities to effectively engage remote employees, manage distributed workforces, and serve consumers on their terms.

Recommended Actions

• Start the insurance renewal process early with your broker.
• Collect and communicate detailed risk information to your broker.
• For commercial accounts, address loss control advice and talk to your underwriters about your efforts. Underwriters appreciate proactive loss management because it displays a commitment to risk mitigation.

Most business owners place a high priority on obtaining insurance to properly cover their unique risks, yet many of them fail to examine their policies regularly. Insurance is one form of adapting to risk and businesses need to stay in touch with their insurance professionals more than ever before.