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As we begin to emerge from the pandemic, business owners are finding themselves having to adjust to a very different business environment. There is a plethora of complex new risks entrepreneurs must deal with if they wish to steer their business successfully into the future. In addition, many businesses must still contend with many of the same risks that existed before the pandemic started.Philippa Wild, Santam’s head of Commercial Underwriting, says, “There are so many challenges for business owners right now, including stressed staff and stretched cash flow. Both technologically and systemically, this has resulted in significant changes in our behaviour and has had a profound impact on both our clients and the insurance industry. It is imperative that businesses keep their policies up to date and have adequate risk mitigation policies in place.”The risk management practices every business should have No matter what type of business you own, it is always important to consider what could impact your business detrimentally. From here it is important to develop risk management and safety protocols to help limit the impact and make sure you have adequate and appropriate insurance cover in place. Every business is different but, as a rule, maintenance, good digital hygiene (having strong password policies and robust digital safety protocols in place) and strong fire safety protocols are a must.What to considerThe pandemic has increased awareness of the need for business owners to review their policies more frequently and keep their intermediaries abreast of any changes in circumstances. While most businesses have tended to renew and review their policies every 12 months, the pace with which things have changed in the past 24 months has made it clear that a more regular review of policies is paramount.Wild says, “A large part of any business owner’s risk management function is to disclose all pertinent changes to his or her intermediary. When this is done, it opens the door for the intermediary to appropriately notify the insurer and thus avoid a situation where there is a cover shortfall.”The most common business risksAt Santam we have identified the following as some of the most common business risks an organisation will face across a variety of industries:
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