Business & Risk — Not Enough Insurance

The 2024 Hub Outlook Executive Survey says businesses are looking ahead to risk in 2024. Many think they are more prepared than they really are if an emergency hits. The survey indicates there could be problems for some in a number of areas.

Among them:

• Financial stability
• Profitability
• Recruiting and keeping a stable and productive workforce
• Maintaining resiliency in a time of crisis

Those are just a few of the issues found in the survey says HUB International President and CEO Marc Cohen. “In today’s world, risk is ever-present and constantly evolving, and being prepared is now a more complex undertaking,” Cohen noted.

The poll checked in with 900 businesses in 11 sectors of the U.S. and Canadian economies. Here are some highlights:

• 75% say they are prepared for most critical risks
• They include business operation disruption, economic challenges increasing and unpredictable events
• Sadly, 76% say they lack the right amount of insurance to maintain profitability
• 20% will only take property loss prevention measures if local government demands it
• 68% agree employee well-being is a top strategy to keep workplace vitality
• Just 36% — however — say it will be a consistent focus in 2024
• Just 45% conduct frequent enterprise risk management (ERM) assessments
• 28% do it quarterly
• 17% do it monthly
• Just 12% have a comprehensive business continuity plan
• 43% say there is a “misalignment” between the C-suite’s objectives for the year vs. risk strategies

Source link: Insurance Journal — https://bit.ly/3RBu5Wk