Authored by Sara Weathers 

Now more than ever, businesses need to be thinking of their risk management plans. According to Insurance Business Magazine, there is an elevated risk in many areas such as the pandemic, cyber security, threats to the supply chain, and war/political tensions. Businesses should be taking proactive measures to protect themselves and their employees.

While the COVID-19 pandemic has begun to settle down in some areas, its effects on the supply chain are still being felt worldwide. Many businesses have had to find new suppliers or begin to make products in-house, causing a need for new processes which creates wait times for consumers and supply chain interruptions.

Many companies also shifted to remote work with little to no time to prepare which left businesses vulnerable to hackers and cyber security threats. Companies have had to adjust as they’ve made the transition. Having a risk management plan can make these unforeseen issues much easier to navigate.

Digital Connect Mag shared some tips for risk management in a recent article.

Be Aware of the Various Risks

You can't prepare for situations that you haven't considered. Think about the potential risks you are facing, do your research, and begin planning.

Digital Connect Mag states, "you can compile a list of your business’ “risks” and then prioritize them accordingly. Once this is done, you can then make a more accurate management plan based on which risks will cause the biggest impact, which ones you can manage, which ones you can transfer, and which ones you will need to accept." 

Grow Your Firm at a Manageable Rate

Growth is exciting; however, an important part of managing risk is ensuring that you manage the speed of your growth so your quality never suffers in the process. 

Protect Your Firm With Insurance

There are various types of insurance that can protect you and your firm from risks. You may want to consider looking at your coverage to see if there are areas where you could transfer your risk.

If you’re wanting advice on your company’s risk management plan, AdvoCap Insurance is happy to help. We are always available via phone call or through our website!

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