Every business according to Russ Whitney, big or small has to face different risks. Some of which can have a lasting impact on your operations which may eventually lead to bankruptcy. These risks are called business continuity risks. Hence it is very important that you know how to deal with such risks effectively.These business continuity risks Russ suggest, pose a threat to your business’ ability to remain operational.
There should be a plan that will enable you to function with the minimum amount of disruption. These plan should account for potential physical losses and factors like lost sales and production.Firstly Russ informs all, to know the different business continuity risks so that you can take advantage of an effective risk management strategy.
By carefully assessing each situation and understanding the company’s unique needs, you can arrive at the most ideal insurance policy to keep these risks in check. Russ Whitney manages all these risk in his working days as well as suggest people to follow up.
It pertains to the potential consequences of losing key employees. The loss of a team member can affect sales, customer relationships, human resource requirements and other associated issues.
It is closely connected with business continuity and personnel risk. When an individual leaves, the organization must be able to cover the cost of the loss as well as the recruitment and training of the replacement personnel.
This is becoming more and more of an issue even for small and mid-sized companies. In companies growth and development opportunities, there’s the presence of trade risk. There are challenges to deal with and deliver services to partners and customers in remote locations, over long distances.
It’s essential to have a solid risk management strategy says Russ Whitney in place to mitigate these risks, and one of the best solutions would be to secure the appropriate insurance for such risks.