risk management
September 26, 2022
Small Businesses Underestimate Recovery Time, Cost of Cyberattack
Nationwide Agency Forward survey showed 40% of small business owners surveyed expect a cyberattack to cost less than $1,000 and another 60% think it would take less than three months to fully recover. However, Nationwide claims data shows cyber claims range between $15,000 to $25,000 in recovery costs, plus costs associated with the restoration process,...
September 19, 2022
4 Things to know about setting up a 401(k) and profit-sharing plan for your company
As a small business owner, you are constantly thinking of how to reinvest in your company to make it more successful, create stability, and keep employees happy and engaged. This may involve an upgrade to equipment or software to keep pace with your competition and client satisfaction, but it is also important to think about...
September 12, 2022
Power sector facing new risk landscape – report
The power sector is facing an entirely new risk landscape brought about by the Russia-Ukraine war, global inflation, the energy transition and climate change, according to a new report from WTW. As power insurance prices climb, risk managers must juggle these risks while also ensuring that they have determined current, correct, and sufficient asset and business...
Small businesses are at risk for cyberattacks. Here’s how to address them.
Small businesses are often prime targets for cybercriminals because of the sensitive information stored in their databases. They also commonly lack proactive measures to fight against cyberattacks. According to the Small Business Administration, 88% of small business owners feel their company is not prepared for a cyberattack. Cyberattacks can shut down businesses for more than 24 hours and can...
September 6, 2022
4 Options to consider when planning to exit your small business
Planning an exit strategy from your small business can be hard. You’ve worked your whole life to get where you are, so how do you leave it behind? As you plan for retirement or a new chapter of life ahead of you, let’s discuss four options to consider. ● Selling to private equity ● Internal...
August 29, 2022
What are the top five risks businesses should be prepared for?
National Preparedness Month, recognized every September, serves as an annual reminder for businesses to ensure they’re ready for any kind of disruptive event. Whether it’s fires, floods, cyberattacks or inflation, companies of any size stand to lose greatly if they’re not prepared for the risks that threaten their businesses. “The reality is that businesses are...
August 22, 2022
Mitigating risk & reducing employee claims for commercial clients
According to Dun & Bradstreet, in Q2 2022, the Global Business Impact (GBI) score increased to 315, up from 297 in Q1 2022. The GBI ranks the biggest threats to business based on each risk scenario’s potential impact on companies, assigning a score to each risk. As businesses continue to acknowledge the rising risk landscape, it is...
How to manage risk around massive data growth
One of the most prominent challenges facing global businesses today surrounds the deluge of massive data growth and the risk it presents to companies as the management issues of this data take shape. This risk comes in several major forms, including the legal/regulatory exposure from investigations and litigation, ongoing cybersecurity vulnerabilities and unsustainable increased spend on its...
August 15, 2022
Could changes be coming for the workers’ comp space?
It’s been quite a couple of years for the insurance industry, with the impacts of COVID-19, inflation, and fundamental changes to the labor market taking their toll. Despite all this, however, the workers’ compensation system is booming – it remains one of the most profitable segments of the US property and casualty insurance industry. According...
August 1, 2022
Construction Safety Professionals Struggle to Prevent Fall Hazards
Earlier this month, the Occupational Safety and Health Administration announced a new initiative to conduct surprise safety inspections for fall hazards. A day later, the agency announced $32,113 in fines for a Florida construction company where a 19-year-old worker died after falling from a clubhouse roof. The fines were far from unusual, but the juxtaposition...