What If?

What is the worst thing that could happen to your business? Would a ransomware attack severely impair your business? Would a fire put you out of business for good? Would a flood shut you down for weeks? Would a scandal impede your workforce?

Business insurance offsets the effects of many catastrophic events. Insurance cannot cover every risk associated with your business, so it is crucial to ask what If?

• What if my computers were hacked or compromised?
• What if my network fails and I lose my records?
• What if a burglary occurs at my business?
• What if a key employee is hurt or dies unexpectedly?

These are just a few "What if" situations businesses face. Each profession has its own unique what-ifs. Implementing a plan to deal with these instances makes sense. Assess your business to determine which what-ifs you need to address.

Once identified, determine if there is a way to mitigate the damage or loss caused by the instance. For example, you may be able to thwart a hacking attempt by installing proper virus and malware software on your computer. Regular data backups could reduce loss due to a network failure. Once a vulnerability is exposed, take steps to alleviate the risk exposure for your business.

We cannot protect against every possible what-if. It may not be possible to eliminate all risks. Life insurance may reduce the financial impact of the death of a key employee. However, replacing their effect on workplace culture may be impossible. How will your business fair faced with such a loss? Can You step in temporarily to fill the void left by the employee's passing? Can you establish a mentor program that could diminish the risk? It is imperative you create a plan that deals with the what-ifs your business faces.

We cannot foresee every risk that businesses face, but we can do our best to identify and address the obvious what-ifs. Managing our exposure reduces our risk, making it easier to stay in business.