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What Are Three Commercial Risks Not Always Talked About

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Operating a business involves managing a multitude of moving parts, and with it comes inherent operational risks. These risks, if not effectively addressed, can disrupt the smooth functioning of your business and impede its growth. In this blog post, we will delve into the top three operational risks faced by business owners and explore strategies to mitigate them. Work with a qualified agent that understands these kinds of risks and how to create effective risk reduction solutions, which may include commercial insurance.

Human Resources and Talent Management:

One of the most critical operational risks for any business is the management of human resources. Challenges in this area can include difficulties in hiring and retaining skilled employees, employee burnout, insufficient training, and workplace conflicts. A lack of an effective human resources strategy can impact productivity, morale, and overall company culture.

Mitigation Strategies:

  1. Robust Recruitment and Selection Processes: Develop comprehensive job descriptions, conduct thorough interviews, and implement rigorous background checks to ensure you hire qualified candidates who align with your company’s values and goals.
  2. Employee Development and Engagement: Provide ongoing training and professional development opportunities to enhance employee skills and engagement. Implement performance management systems to recognize and reward employee contributions.
  3. Clear Communication and Conflict Resolution: Establish open lines of communication to foster a positive work environment. Implement conflict resolution mechanisms and encourage a culture of feedback and collaboration.

Supply Chain Disruptions:

In today’s interconnected global economy, supply chain disruptions can have a significant impact on business operations. Disruptions can arise from factors such as natural disasters, transportation issues, supplier bankruptcy, or geopolitical events. Inadequate supply chain management can lead to delays in production, increased costs, and customer dissatisfaction.

Mitigation Strategies:

  1. Supplier Risk Assessment: Conduct thorough due diligence when selecting suppliers, assessing their financial stability, reliability, and contingency plans. Diversify your supplier base to minimize dependency on a single source.
  2. Business Continuity Planning: Develop a comprehensive business continuity plan that includes contingencies for potential supply chain disruptions. Identify alternative suppliers, establish backup inventory levels, and maintain open lines of communication with key stakeholders.
  3. Supply Chain Visibility: Utilize technology and data analytics to gain visibility into your supply chain. Implement systems that provide real-time tracking, inventory management, and demand forecasting to proactively identify and address potential disruptions.

Technology and Cybersecurity:

In today’s digital age, businesses rely heavily on technology to streamline operations and serve customers efficiently. However, this reliance on technology brings its own set of operational risks. These risks include cyber threats, data breaches, system failures, and inadequate IT infrastructure.

Mitigation Strategies:

  1. Robust Cybersecurity Measures: Implement comprehensive cybersecurity protocols, including firewalls, antivirus software, and regular data backups. Train employees on best practices for data security and implement access controls and encryption.
  2. Regular System Maintenance and Upgrades: Keep your technology infrastructure up to date with the latest security patches and software upgrades. Regularly monitor system performance and conduct vulnerability assessments to identify and address any weaknesses.
  3. Disaster Recovery Planning: Develop a comprehensive disaster recovery plan that outlines steps to be taken in the event of a system failure or data breach. Regularly test the plan to ensure its effectiveness and update it as technology evolves.

Operating a business involves inherent operational risks that require proactive management. By recognizing and addressing these risks head-on, business owners can minimize their impact and create a solid foundation for success.

Commercial insurance offers effective solutions for many of these as well as other risks your business faces.

Implementing effective strategies to manage human resources, supply chain disruptions, and technology challenges will help ensure the smooth functioning and long-term viability of your business.

How We Analyze Your Risk

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The term risk analysis tends to sound like a complicated thing. But simply put, risk analysis is a review of the things that might create a loss for you, your family, or your business.

Why Is This important?

You have so much invested in your family, home, and business. You need to have an understanding of things that might happen which will create a negative impact on your family and business.

What Role Does Your Agent Play?

Your agent will be your guide, consultant, and advisor through this process. It is important that you have an agent who is not interested in selling you insurance. Your agent needs to educate you on your risk, offer options, and work with you to make sure you are correctly protected.

If your agent does not understand or is not interested in this process, you will be left with inadequate protection.

If your agent offers an off-the-shelf homeowners policy, without asking questions and educating, you might get stuck in the event of a claim. For example, you have a fire in your business and have to move out for three months during reconstruction. Do you have the right coverage to help you with temporary rent and other expenses? What if you have to close your business and you have a loss of revenue? Knowing the right coverage and limits you need is the responsibility of your agent.

We Help Make The Complex Simple

We offer a series of questions to help our clients understand their risks and what options they have to manage them based on their individual situations.

We educate our clients so they can make informed decisions. For example, if you are renting out a part of your home, you will need special insurance, as your homeowner’s policy excludes operating a business out of your home.

If you own a home and have other financial assists, you may need a personal umbrella policy. This protects you against litigation or claims where your primary coverage is exhausted.

Let’s start a conversation on how we might be able to educate you and design an insurance program that fits your individual needs.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

Six Essential Insurance Coverage’s For Your Business

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As a business owner, it’s important to have the right insurance coverage to protect your company from potential risks and liabilities. Here are six important insurance coverages that you may want to consider:

General Liability Insurance: This coverage provides protection for your business in case of accidents, injuries, or property damage that occurs on your premises or as a result of your operations. It covers legal costs and damages that your business may be liable for.

Property Insurance: This coverage protects your business property and assets in case of theft, fire, or other types of damage. It may cover the cost of repairing or replacing damaged or destroyed property, as well as lost income during the recovery period.

Workers’ Compensation Insurance: If you have employees, this coverage is typically required by law in most states. It provides medical and wage benefits to employees who are injured or become ill while working.

Professional Liability Insurance: Also known as errors and omissions (E&O) insurance, this coverage protects your business from claims of negligence, errors, or mistakes that result in financial losses for your clients.

Cyber Liability Insurance: This coverage protects your business from losses related to cyberattacks, such as data breaches or cyber theft. It may cover costs associated with investigating the incident, notifying affected individuals, and providing credit monitoring services.

Commercial Auto Insurance: If your business owns or operates vehicles, this coverage provides protection in case of accidents or damage to the vehicles. It may also cover liability for injuries or damage caused by your vehicles to others.

These are just a few of the many types of insurance coverage that businesses may need. The specific types of coverage that your business requires will depend on your industry, operations, and risks. It’s important to work with an experienced insurance agent or broker who can help you assess your needs and find the right coverage for your business.

Cyber Risk Trends For 2023

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With the advent of the digital revolution, corporations, organizations, and even governments rely on computerized systems to manage day-to-day operations, making cybersecurity a top priority to protect data from various online attacks or unauthorized access. As news of data breaches, ransomware, and hacks become the norm, constant technological evolution implies a corresponding shift in cybersecurity trends. Here are the leading trends in cybersecurity for 2023.

Work-From-Home Cybersecurity Becomes A Business Priority

Since the beginning of the pandemic, securing the millions of devices that are used for home and remote work has become a cybersecurity priority for many organizations.

Attacks through Social Engineering

A wide range of deceptive human interactions is referred to as social engineering attacks. Users are tricked into making security blunders by the perpetrators, who divulge private information that could cause financial loss.

Internal Threats

One of the main causes of the data breach is still a human mistake. Millions of stolen data can bring down a whole corporation on any bad day or purposeful loophole.

Specific Ransomware

Targeted ransomware is an important cybersecurity trend that we cannot ignore. Particularly in developed nations, industries rely heavily on specialized software to operate on a daily basis.

The Prospects for Artificial Intelligence (AI)

With the introduction of AI across all market segments, this technology, combined with machine learning, has brought about significant changes in cybersecurity. In the development of automated security systems, natural language processing, face detection, and automatic threat detection, AI has been indispensable.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

Consider This When Hiring A Contractor

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Summer is the time when many homeowners start to think about and plan for, various home remodeling projects. If you are thinking about updating your kitchen, putting on that new roof, or even landscape projects, it pays to do some pre-planning. Whatever the project, you need to protect yourself from the financial risks and hazards associated with a home remodel project.

  • What’s your project? Are you looking to remodel one room or make minor updates to a small space? The type of project determines whether you’ll need a general contractor or someone more specialized.
  • Check-in with your local homebuilders’ association. You’ll be able to search contractors within your area and put together a list of potentials.
  • Get referrals. Ask your friends, family, and coworkers who they’ve worked within the past. They may have a great contractor you haven’t heard of — or know of a few you should stay away from.
  • Prepare ahead. Compile a list of reputable contractors before you need one. The stress of an emergency repair might impair your judgment.
  • Get multiple estimates. If the price is a big concern, checking with only one contractor won’t guarantee you the best price. But the cheapest estimate also doesn’t ensure the best work. If you have the time, try and get a second or third quote.

If you plan on hiring a contractor, you should consider these tips to help make sure your project is completed the way you want.

  • Plan on permit costs from your local government.
  • Ask contractors about their experience with your specific project.
  • Make sure the contractor is licensed. You can usually go to the State Contractors Board for this information.
  • Provide the contractor with guidelines for working in and around your home.
  • Check local directories for recommendations. Yelp can be a good resource.
  • Be specific in your project; this would include type of products used and even brands you desire.
  • It is ok to get more than one bid.
  • The lowest price may not be the best quality.
  • Always have a written agreement with your contractor. It should include a timeline and competition date.
  • Never pay 100% upfront. It is customary to pay one third down, one third as you go and one third upon completion.
  • Go visit other homes on which the contractor has worked.
  • Make sure the contractor has liability and worker’s compensation insurance. Your homeowner’s insurance will not cover the contractor or his work. If the contractor causes damage to your home, you will want their insurance to provide restoration. Ask for a certificate of insurance.

When you buy insurance, whether it’s for your home, your car or your business, you want an advocate who will properly assess the risks you face and give you an objective analysis of the marketplace, it’s up to you to make the final choice.

Our team of agents continually pursues additional professional education and certifications. It is our goal to ‘wow’ you with the best service every time you call.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

How To Develop Good Cyber Habits

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It is important to develop good cyber security h3abits In 2022, as more than 10 million Americans were the victims of identity theft 2022. With as much as $700 billion lost annually due to cybercrime, protecting your personal information and assets is more important than ever.

Here are some good cyber security habits.

  • Review your family’s social media usage frequently to ensure that they are not oversharing online.
  • Utilize robust, intricate passwords to prevent criminals from guessing your credentials.
  • Never use the same password for multiple accounts.
  • When available, enable two-factor authentication on sensitive accounts.
  • Encourage your family to search their inboxes for Brand Indicators for Message Identification (BIMI) as a sign of safer messages.
  • Do not click on links or download attachments in unsolicited emails.
  • Enable continuous and automatic backups of photos, documents, and other important data.
  • Update all of your devices, including the Internet of Things (IoT) and smart devices, to the most current operating system.
  • Install an antivirus and anti-malware program.
  • Consider activating family Wi-Fi settings to safeguard vulnerable family members.
  • Create a household where discussing suspicious behavior is rewarded and encouraged.

Protecting your assets and personal information is a top priority, but you also play an important role. Following the aforementioned cybersecurity best practices can help you avoid becoming a victim of cybercrime.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

 

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Prepare Your Business For The Future

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If your business survived 2020 and 2021, there is hope for the future. Having survived the past is a good indication that your business is strong and prepared for the future. But it is essential to understand that the risks of the past change and the risk your business faces will be different. It will be important to understand your future risk to have a strategic plan on how to analyze, manage and insure these new risks.

Trends That Are Not So Good

It is becoming more frequent for non-insurers to establish insurance firms. Some automakers now provide or even design their auto insurance packages to sell alongside the vehicles they produce.

Insurers rely on data to determine their coverage and price. This takes the relationship and uniqueness out of the process.

We believe it is vital to understand the uniqueness of each business, not lump them together.

More insurers are offering online insurance. So now, business owners will have to determine what coverage they need without any professional help. This will also allow insurers to limit coverage and even deny claims without the business having proper representation.

Future Risk Trends

Environmental, social and governmental activism

Businesses are becoming a target for many new areas of social and governmental influences. Make sure your insurance can address these issues.

Cyber liability

Did you know that the average business has a greater chance of having a cyber breach than it does of having a fire? It is true, and your business insurance policy most likely will not cover cyber liability losses. This new world of connected devices promises insights on which companies can base strategic decisions.

Economic uncertainty

The next few years will be a special time for most businesses. It will be important to understand how to design an insurance and risk plan that can respond to losses that allow your business to continue.

Supply Chain

Today’s complex business environment does not occur in a vacuum. Companies are interconnected networks with several internal and external stakeholders. As the business world grows more interconnected and dynamic, it’s critical that you have a thorough grasp of the risks to your day-to-day operations and are prepared to handle them. Business interruption losses can range from decreased sales to increased operating costs because of the loss of a crucial supplier to the loss of future revenue streams as a result of a disruptive incident.

New Work Environment

Agents and insurers may increase their relevance by providing specialized protections for remote workers and small home-based enterprises that reflect how people live and work today.

Final Thoughts

Businesses’ needs are not the same, and the insurance and risk solutions they are provided should match their individual risks. In order to ensure that the program that is tailored to each and every customer, agents should develop relationships and insurer analytics to better understand their customers’ risk exposures. Understanding the business’s needs and risks leads to a framework for providing better solutions to their customers.

 

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Is Insurance Your Only Option?

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We will be the first to say that certain types of personal insurance may not always be best for your needs. We believe each client is unique and therefore requires unique insurance solutions. But there is more to the process.

First, you and your agent need to talk about what your risks and goals are regarding the issues. Your agent should be able to help you identify all the risks and, only then, provide solutions.

Here is a good example

We recently had a client buy an older used car for one of their kids. After we reviewed the ACV value for the client, we recommended that he not purchase collision coverage. We told him to use the savings to put into an auto replacement fund. This will save the client hundreds of dollars over time.

Here are other kinds of insurance you may not need

  1. Universal life – Typically, term life insurance is going to be a better fit for you. Term life costs less, and you can take the premium difference and invest it yourself.
  2. Extended warranty plans – These are never a good idea. The warranty premiums are mostly commissions paid to the salesperson. Some credit card companies offer this protection if you make the purchase with their cards.
  3. Pet Insurance – Pet insurance usually is very limited in coverage and very costly.
  4. Insurance on outstanding credit card balances – This type of insurance can be costly, and there are a lot of loopholes to go through before any benefits are paid.
  5. Mini Storage Insurance – As long as you have homeowners or renters insurance, you don’t need to buy special insurance. Most policies have automatic coverage for property away from your primary premises. Call us for details and limitations.
  6. Rental car collision insurance – If you already have collision insurance from your personal auto insurance, you don’t need to buy additional insurance from the rental company.  However, opting for additional coverage could be worth the price if you don’t have collision insurance. But if you’re charging the rental to your credit card, it’s also possible to get coverage through them.
  7. Mortgage life insurance – This protects the bank, not you. If you were to die, the payout goes to the bank, not your family. You are better off buying term life insurance.
  8. Flight Insurance – This is completely unnecessary, as airline accidents are rare, and your life insurance policy should already provide coverage in the event of a catastrophe.
  9. While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.Call today to alleviate the worry and get covered – (937) 429-0655.

 

2022-23 Presents New Cyber Risks For Your Business

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The CIOVID-19 pandemic has affected businesses in a significant way. With remote workers and increased online purchasing, scammers are using some new and some old tricks to get your personal information.

Common Cyber Breaches

Ransomware. Ransomware is a data-encrypting program that demands payment to release the infected data.

Social Media. These kinds of attacks follow social interactions and will use your online data to steal your identity.

Cloud computing vulnerabilities. The global market for cloud computing is estimated to grow 17% this year. If you store any information on the cloud, you may be at risk.

Third party software. The top 30 e-commerce retailers in the US are connected to 1,131 third-party resources. The scammer will use these to obtain your information.

How To Prevent A Cyber Loss

  • Train employees in cybersecurity principles.
  • Install, use and regularly update antivirus and antispyware software on every computer used in your business.
  • Use a firewall for your Internet connection.
  • Control physical access to your computers and network components.
  • Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace, make sure it is secure and hidden.
  • Require individual user accounts for each employee.
  • Regularly change passwords.

What Cyber Insurance Can Cover

Restoration of Data: Covers the cost to replace or restore electronic data, programs, or software damaged or destroyed by a hacker attack.

Cost of Notification: Covers the cost of notifying parties whose data has been affected by a data breach.

Loss of Income: Covers income losses sustained by a business and extra expenses it incurs to restore its operations following a shutdown caused by a computer virus, hacker attack, or other covered peril.

Cyberattacks present a real threat to the safety and health of businesses today. Cybersecurity risks are mounting every day. But, purchasing cyber insurance does not need to be a confusing or stressful process. Call us today for more information. 

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Our Mid-Year Insurance Outlook

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It is essential to understand how the insurance market works and what the future looks like. In doing so, business owners and families can better plan for the future. Here is our brief overview of the insurance market as of August 2022.

The widespread use of vaccines and the relaxation of pandemic-related restrictions in 2021 served as significant accelerators for economic recovery by restoring public and corporate confidence. But that has been changed by increased inflation in 2022. But the conflict between inflation and  COVID-19 is far from ended, and there will probably always be some ambiguity. Could this harm the outlook for the insurance sector in 2022 and 2023?

According to our research, insurers anticipate more rapid growth in the coming year despite lingering COVID-19 worries.  However, non-pandemic issues with legislation, talent, supply chain issues, increased construction and auto repair costs, sustainability, and changing consumer preferences could provide roadblocks, causing premium increases.

On a more fundamental level, many carriers may think about taking action to increase stakeholder trust to increase customer retention and profitability. Greater transparency in the way insurers gather and use personal data may help to achieve this. They can also take a more proactive approach to find all-encompassing answers to pressing social issues, such as reducing the financial toll of upcoming pandemics and filling coverage gaps for natural disasters.

There are many actions people and businesses can take to minimize the impact of premiums or rate increases. These include.

  • Increasing deductibles.
  • Have your agent perform an insurance audit of your insurance program.
  • Make sure your property values are correct.
  • Considering self-insurance where prudent.

Give us a call for more information.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.