When entrepreneurs and executives lie awake at night worrying about their businesses, they’re usually concerned with competitive threats. There’s always someone out there planning to disrupt their industry, court their customers or poach their employees. They should be worried.
But what about the threats that aren’t the product of competition and market forces, such as fire, flood, blackouts or cyberattack? Many businesspeople rest easy in the belief that it could never happen to them – until it happens to them. Among those who are more cautious, many simply roll the dice and put off their preparedness planning till next week – and so on. Still others believe that when disaster strikes, it won’t be that bad and recovery won’t be that hard. Tell that to the 1 in 4 small businesses that go out of business in the wake of a major catastrophe.
Those tendencies create an opening for commercial insurance brokers not only to open coverage discussions, but also to add value and build “trusted advisor” status by guiding their clients through the business contingency planning process.
Why should businesspeople think about emergency preparedness, what does a good plan look like and what can the broker do to help? Those questions and more are answered in this episode of the Broker on the Go podcast, with guest Anthony Black, National Catastrophe Manager of RSA Canada.