Stress Testing Your Insurance Program

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In response to the financial crisis in 2008 and 2009, financial institutions of a certain size are required to undergo regular stress tests. These financial simulations were designed to determine a bank’s ability to withstand an economic crisis and support economic activity.

The pandemic of 2020 and current variant strains in 2021 have dramatically reshaped business and changed the way business operates and manages risk.

For many, their business is their largest financial asset. Should business owners feel comfortable their pre-pandemic approach to their insurance program will perform under a post-pandemic environment?

A few insurance simulations for consideration:

  • What does my cyber coverage provide for now that “remote work” is more common?
  • Does my policy contain virus, bacteria exclusions or limitations?
  • Have nuclear verdicts and social inflation rendered my limits of insurance inadequate?
  • Do my employees understand the value of telemedicine options now offered?
  • Would a Wellness program improve employee morale, while help manage costs?

Insurance buyers should demand more than a low price quote or two from their agent or broker. If you broker is not asking these questions, along with many others, to “stress test” your current program, you are placing your largest asset at risk.

Real time insights, client focused solutions, custom designed around your business is what R&R does best. Please give us a call, or send us an email, and let an R&R Insurance Knowledgebroker stress test your current insurance program.

Original source:
https://www.myknowledgebroker.com/blog/stress-testing-your-insurance-program

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