As we are “flattening the curve” and the economy is slowly opening, employees will start to transition back to the office after nearly four (4) months of working from home. The COVID-19 pandemic forced many organizations to close and, those that did not have a disaster recovery/business continuity plan in place had to scramble to come up with a “work from home” solution in order to keep their business running while keeping their employees safe and healthy. Such “on the fly” solutions can cause serious complications as employees return to the office, and company leadership realizes that they must adjust their risk strategies to suit the “new normal”.
The 2020 Atlantic hurricane season is expected to run from June 1st to November 30th. Department of Atmospheric Science at Colorado State University predicted that the East Coast of the United States is likely to see a major hurricane, ranking at a category 3, 4, or 5, during the 2020 Atlantic hurricane season. High category named storms bring on damages like, floods, wind damage, and power failure which may take several weeks to recover from. Though these predictions are not precise, we believe, that informed preparation is the best way to avoid costly claims, not unlike those caused by Hurricane Sandy in 2012.
COVID-19 forced many companies to close their operations, which caused a great deal of disruption for numerous businesses on both direct losses and their revenue stream.
With America trying to “re-open” there is a host of issues that need to be wrestled with. One of the areas that, we think, might be low on the list for many companies is how their supply chain has been affected and will continue to be impacted by COVID related issues. Having latent supply chain disruption can wreak havoc on a business already challenged by the shutdown. This type of risk needs to be understood, so the company can plan for alternatives.
As May is Mental Health Awareness Month, we wanted to raise awareness of a cause that while is a very significant issue, has not been brought to the forefront when speaking about either mental health or human capital risks.
According to the Centers for Disease Control and Prevention construction occupation has the highest rate of suicide across all careers.
Senior leadership of an organization, which incorporates strategic risk management into their business plan, knows that having a wellness plan in place for their employees is essential. Implementing a robust wellness plan in the workplace encourages healthy activities among employees and puts the emphasis on safety which, in turn, will lead to healthier, happier and more productive employees.
As part of any effective risk management program, the quantification of the Total Cost of Risk (“TCoR”) is an important number to focus on.
This article focuses on how Workers Compensation (“WC”) costs contribute to a company’s TCoR and, specifically, how the Experience Modification (“X-MOD”) factor works and can be managed.
We take TCoR seriously in our risk advisory practice as having a TCoR that is lower than a company’s peers gives that company a competitive advantage in, both, how it conducts its business and the opportunities it can pursue.
An effective risk management strategy always comes down to preparedness. The recent closings and business disruptions due to COVID-19, the illness caused by the spread of novel coronavirus, once again, demonstrate the importance of companies having a comprehensive Business Continuity Plan (BCP). If your business is one of many that cannot simply close doors and expect to be able to re-open after the pandemic dies down,having such plan in place will insure that you can maintain the essential functions of your business during a major disruption.
Three Questions for Managing Principal, Albert Sica, of The ALS Group
For the last 12-18 months commercial insurance rates have been rising and many business leaders are ill-equipped to either understand why or what they can do about it. Recently, this was captured in a good article in The Wall Street Journal and we thought we would explore this a bit more.
Business leaders often rely on a broker, whose primary role is to “sell” insurance to guide them through a complex mix of their company’s exposures, insurance policy language (including exclusions) and what can be done to, both, mitigate risk and the cost of coverage. Understanding the financial impact of a risk on a company’s balance sheet or earnings statement and what can be done to protect against that uncertainty is key to complex questions it is now essential to explore.
More than 80% of companies don’t manage risk effectively. Is yours one of them?
A 2014 survey by a non-profit business research firm found that fewer than 20 percent of executives say their companies effectively manage risk. Companies will often have a process in place to identify and monitor risks. But they fall short when it comes to actually implementing practices to manage those risks as part of the overall strategic plan.
Last week, I attended an excellent Enterprise Risk Management (ERM) workshop hosted by NC State University which highlighted the myriad of issues impacting the maturity of ERM within organizations.
As the National Weather Service is reporting of Hurricane Joaquin intensifying to an extremely dangerous category 4 storm, I wanted to reach out to you to let you know that our team is here and ready to help. Whether you need to understand coverage or need assistance in preparing a contingency plan, the ALS team is here for you.