By Eric Woodruff, CPA, CCIFP
Partner, Audit & Assurance Services
If 2020 has taught us anything, it’s that you can never be too careful when it comes to monitoring your business and analyzing potential risks and new ones that are created (i.e. COVID-19).
As you continue coping with the impact of COVID, keep an eye out for what lies ahead. If you’re not doing so already, you should conduct an annual review of your risk environment and exposures. Don’t hesitate to bring in an outside risk management consultant. Having a set of impartial eyes on your business can go a long way in protecting you from risks you may not have ever considered.
You should also conduct a review of your insurance coverages to minimize the exposure to financial loss. Engage an insurance professional, and be sure to consider the following risks to be transferred to an insurance carrier:
- General Casualty and Liability
- Business Interruption
- Management Liability
- Employee Practices (Labor Law)
- 401k Fiduciary
- Cyber Risk
Cyber risks are becoming particularly important as hackers are growing more sophisticated in working with malware and breaking through firewalls to install viruses and access financial information. When it comes to a breach of privacy, the losses to your company or organization could be exponential.
It’s always better to be safe than sorry. Start evaluating your risk environment today, and make sure your insurance coverages are adequate. Not only will this analysis protect your company, but it will also bring you peace of mind, which we could all use these days.