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The top 10 global business risks of 2020

By Andrew Saville on

The 2020 Allianz Risk Barometer identifies the 10 most prominent risks faced by businesses this year. How is your business managing these risks to reduce the potential impact on your strategic objectives? The advice and insurance solutions recommended by a specialist insurance broker can be a highly effective way to transfer risk.

2020 has presented unexpected challenges, many of which are beyond our control. What you can control however, is having an insurance program that actively mitigates risks to your business, allowing you to better handle adverse events and absorb losses in a claim. 

Using insurance to transfer risk 

Insurance can be a very effective method to address and mitigate many of the top 10 business risks featured on the Allianz Business Risk Barometer for 2020. 

A specialist insurance broker can ensure you business has a highly targeted insurance strategy, providing specialist advice and placement solutions that align to manage your risk exposures.

Business Pack Insurance 

A Business Pack insurance policy can be very effective in protecting your business from the damage inflicted by business interruption, and fire / explosions. 

A Business Pack policy can protect: 

  • Your assets such as building, stock, plant and office equipment, 
  • The continuing financial viability of your business should you have an insurable loss and, 
  • Your legal liability for personal injury and/or damage to property caused by a negligent act of an employee whilst engaged in work activity 

Cyber Liability insurance 

A risk not covered in traditional business insurance policies, many businesses overlook including Cyber Liability Insurance in their insurance program. Given cyber incidents are now the number 1 risk to businesses, Cyber Liability insurance is essential for any business that relies on the internet in any capacity. 

A Cyber Liability policy can provide: 

  • Financial compensation to recoup costs that result from a security breach - including business interruption, IT recovery costs and regulatory fines - which can amount to $1.7 million. 
  • Compensation for clients and customers who suffer financially or emotionally as a result of stolen data. 
  • Cover for legal representation and costs that incorporate forensic and legal counsel. 
  • Access to the services of professional consultants to assist in repairing damage to your company's brand and reputation following a cyber incident. 

If you are unsure about your insurance coverage, or would like insurance advice on addressing the top 10 business risks of 2020, contact one of our commercial insurance specialists on T 1300 424 627 E info@whitbread.com.au.

Source: https://www.agcs.allianz.com/news-and-insights/expert-risk-articles/allianz-risk-barometer-2020-business-risks.html 

The Whitbread Channel

News
business risk
Andrew Saville

The 2020 Allianz Risk Barometer identifies the 10 most prominent risks faced by businesses this year. How is your business managing these risks to reduce the potential impact on your strategic objectives? The advice and insurance solutions recommended by a specialist insurance broker can be a highly effective way to transfer risk.

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