Your Top Ten Business Risk Worries

RMAPostWorryFINALIf your potential business risks are keeping you awake at night, Allianz thinks it knows what you are worrying about. A recent study from Allianz has identified the ten leading risk management concerns of mid-size companies. New to the list this year is loss ofreputation or brand value.

Allianz uses what it calls the Allianz Risk Barometer to gauge business risk. The 2014 top ten list includes:

  1. Business interruption, supply chain risk
  2. Natural catastrophes
  3. Fire, explosion
  4. Changes in regulation and legislation
  5. Market stagnation or decline
  6. Loss of reputation or brand value (for example from social media)
  7. Intensified competition
  8. Cyber crime, IT failures, espionage
  9. Theft, fraud, corruption
  10. Quality deficiencies, serial defects

Companies are also becoming more concerned about the relationship between different risks and how they affect other aspects of business as well. Hugh Burgess, CEO of Allianz Global Corporate & Specialty North America cites the example of a natural disaster such as Superstorm Sandy in 2012 and how it resulted in wind damage, power outages, IT failures and ultimately significant business interruption.

When it comes time to review your property and casualty business insurance, remember that staying in business may depend on whether you are properly coverage for all risks, including those that may be hidden.

 

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