How to Protect Against Contingent Business Risk – Keith Boyer
4 examples of how a professional risk manager can help you prepare & outlast potentially detrimental situations
Two partners at a building supplies manufacturing company were exactly where they wanted to be. Their firm sold best-in-class building supplies at competitive prices. Profit margins were exactly where they should be. The firm had earned the trust of a dedicated client base. Suppliers had proven themselves to be conscientious and dependable. Key employees had embraced the company mission.
Everything seemed to be under control. Yet, unfortunately, all risks are not under an insured’s immediate control, no matter how well they plan for the future.
So, what could go wrong? Weather-related events will continue dislocating supply chains and creating havoc for construction and renovation businesses now and in the future. Regrettably, man-made events in the form of malicious cyber events are also rising, with no real end in sight. Meanwhile, disaffected individuals seem likely to continue perpetrating active shooter incidents in the future. And of course, a fire or explosion at a critical supplier’s factory can also set off a supply chain disruption in your business.
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