In response to the financial crisis of 2008 and 2009, financial institutions of a certain size must undergo regular stress tests. These financial simulations were designed to determine a bank's ability to cope with an economic crisis and to support economic activity.
Pandemic 2020 and current variant strains 2021 have dramatically reshaped operations and changed the way companies operate and manage risks.
For many, their business is their greatest financial asset. Should business owners feel comfortable when their pre-pandemic approach to their insurance program will work in a post-pandemic environment?
Some insurance simulations for consideration:
- What gives my cyber protection now that "teleworking" is more common?
- Does my insurance include viruses, bacterial exclusions or restrictions?
- Have nuclear power judgments and social inflation made my insurance limits insufficient?
- Do my employees understand the value of telemedicine options offered now?
- Would a health program improve employee morale while helping to manage costs?
Insurance buyers should demand more than a low price or two from their agent or broker. If your broker does not ask these questions, along with many others, to "stress test" your current program, you risk your greatest asset.
Real-time insights, customer-focused solutions, tailored around your company are what R&R does best. Call us or send us an email and let an R&R Insurance Knowledgebroker stress test your current insurance program.