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There is no mistaking that the world is changing rapidly. The rate of climate change is powering increasingly adverse weather events, the changing world of work has supercharged cyber threats and some countries are even making plans to build volcano powered crypto cities to help futureproof themselves. In this kind of environment, knowing how to navigate the complex nature of risk is a vital part of any businesses’ plans to remain future-fit.
Philippa Wild, Head of Commercial Lines at South Africa’s largest general insurer, Santam, says, “Given the surge in new and complex business risks, companies can ensure they have one less thing to worry about by taking out insurance cover that protects them adequately against events and perils that could harm their operations severely.”
Wild suggests that companies wanting to navigate today’s and tomorrow’s complex risks try the following tips:
Keep up to date with our changing risk and product environment
Part and parcel of mitigating one’s risks in the current landscape means understanding what risks affect your particular business and what insurance solutions are available and appropriate to protect your business. For instance, a security consultancy will probably have little need for drought insurance, but would really benefit from Cyber insurance. Here are some examples of recent developments to consider:
Prepare for the worst
Consider what could go wrong and impact your business detrimentally. Develop risk management and safety protocols to help limit the impact and make sure you have adequate and appropriate insurance cover in place. Skilled intermediaries can act as real-time risk advisers and advise you on insurance cover options that best suit your needs.
Ensure your cover evolves as the business evolves:At least once a year, on your insurance cover renewal date, you should do a comprehensive review of your cover and assess whether it is still appropriate given the risk landscape and your insurance needs. Your financial adviser is well placed to assist you in this regard. Also remember to make changes as your risk profile changes during the year, for example as you purchase more assets, or change your business in any way that impacts your risk.
Whatever your business needs, building a relationship with a Santam broker or intermediary will strengthen your business’s ability to withstand whatever may come its way and give you the freedom to focus on what makes your business great.
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