Managing Insurance & Risk Strategies in the Pandemic Economy

When operating in a non pandemic economy, managing insurance and risk strategies are the operational essentials for small businesses and organizational structures. As we face a pandemic economy these insurance and risk management strategies transition from essentials to crucial necessities for survival.

As the pandemic continues to carve through economies worldwide, impacting lives, businesses, local and governmental entities. The damage of this disruptive force can only be anticipated, meaning insurance and risk management startegies must be leveraged and utilized in order to minimize the invietable impact that many organization structures have and will face moving forward.

The changing landscape of the pandemic should motivate organizational structures to carefully analyze their "geographies and leverage information to generate forecast and the potential impacts of the pandemic." This will assist with risk management, the generation of insurance strategies, as well the renegotiation and renewal of policies.

In a report done by Marsh & McLennan Companies, "COVID-19 Evolving Insurance and Risk Management Implications" they dive into a few tactics on how businesses can respond to and continue to plan for the COVID-19 Pandemic, as well as future pandemics.

Here is are a few important action small business can take against the pandemic:

Identify worst-case disruption scenarios emanating from both within and outside of the organization. And evaluate and implement business continuity workarounds for these scenarios, ensuring first that they are viable and have been stress-tested.
Communicate clearly with employees about business priorities, resilience plans, and work expectations, which is even more important when there are fewer face-to-face interactions. Extend this communication to cover continued health and well-being, and provide guidance to employees and leadership on specific COVID-19 situations — for example, if an employee reports symptoms — before instituting new work arrangements and policies.

TUNE INTO WESTCHESRIESES WEEKLY WORSKHOPS.

Resources:

Marsh. COVID-19: Evolving Insurance and Risk Management Implications, www.marsh.com/jp/en/insights/research/covid-19-evolving-insurance-risk-management-implications.html.

Connect with the Westchester RISES Team!

Stay up to date on news, events, opportunities, and more from the Westchester RISES Community.