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Understanding Small Business Insurance for Young Entrepreneurs

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How would you like to be a billionaire by the time you’re 23? If you think that’s a dream too good to come true, think again. That’s exactly what happened to Mark Zuckerberg, creator of Facebook.

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While it’s true he didn’t strike it rich as a teenager, he did lay the groundwork for the massive worldwide social network while still in his teens at Harvard University.

Steve Jobs was a successful entrepreneur known for his charisma and passion, but also his uncanny ability to make decisions that resulted in success. Like Steve Jobs, successful entrepreneurs tend to break away from the molds their peers seem tied to, and do what other people said was impossible. But for every success story there’s a dozen not so happy endings. If you’re wondering what it is that sets the successful apart from the failures I’d like to suggest that it comes down to understanding and managing risk.

As a young entrepreneur, navigating all the legalities and requirements of starting a business can be mind boggling. It’s easy to get overwhelmed by what you need, what you don’t need, and how much to pay for it all. In the early stages it can seem like you’re bleeding money at an unfathomable rate, but don’t fret. This is often typical in the business world, especially for new businesses.

It’s probably safe to say we’ve all heard the saying “it takes money to make money”, but have you ever heard “it takes money to save money?” When it comes to business insurance that’s the whole truth and nothing but. Without it, you and your business are exposed to more risks than I have time to list. Some risks are easy to see, while others are not. But one thing holds true, they’re all manageable with insurance. To prove my point here’s a short list of risks insurance can help reduce.

  • Preventing Financial Loss – Burglars break in and steal, vandals destroy things without reason, Mother Nature has a temper, and accidents can happen. Preventing loss is one of the best reasons to have good insurance coverage. If a thief steals equipment or a fire damages your building, you’ll have to pay out of pocket to recover the loss if you’re uninsured. A good policy makes even the biggest losses a minor bump in the road.
  • Mitigate Liability – Running a business puts you in the liability hot seat. Without an adequate policy to protect you and your business from lawsuits you’re literally flirting with bankruptcy. The average general liability insurance plan protects against all types of liabilities that every business faces on a daily basis. Everything is covered, from customers who slip and fall on your wet floors to your damaging another person’s property.
  • Insurance Looks Good – Not only does insurance give you peace of mind, it also makes your business look good. Adequate coverage gives clients and potential customers a sense of stability and responsibility; they can trust your business to weather unexpected storms. Likewise, investors and banks like it because insurance tells them their money is in good hands. If something detrimental happens to the business, you banks and investors know you won’t default on your loans. Stabilizing your image is one effect of business insurance that most entrepreneurs don’t fully realize or take into consideration, but it’s a must for success.
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  • Legal Obligations – Often times people get insurance for one reason, because it’s required. Most states have laws on the books that require certain insurance, or levels of coverage, before an individual can conduct business. As the laws vary from state to state and industry to industry you’ll want to contact an insurance agent or a small business attorney near you for more information.

Starting a business is a lot of fun, but make sure you cover your basis in the beginning.

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Having the right insurance will reduce your risk and make you more appealing to potential investors. I know you’re in this business because you’re passionate; so don’t risk the success of your business to save a few bucks.

Time to Get Serious About Climate Change Risks

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While arguments from climate change deniers have subsided, there is still discussion about the cause of climate change—natural or man made? But these arguments are mere time-wasters. Right now it’s critical to put the focus on managing this risk.

Insurers have it right. For years they have been pointing to the urgent need to deal with the issues surrounding climate change. Insurers know this global risk needs to be dealt with now—and in the future—and they can’t afford to get it wrong.

Johnny Chan, Ph.D., director of the Guy Carpenter Asia-Pacific Climate Impact Center said it best: “The debate on climate change and global warming has been intensely polarized. A great deal of this ‘noise’ has clouded the very real and emerging issues that we as an industry and society need to address. In order to adapt to climate change and the changing risk landscape, it is necessary to cut through this noise and focus on objective decisions to mitigate both the financial and social risks associated with climate change.”

Guy Carpenter said in a study on the risks of global warming that the biggest threat is rising sea-levels. According to the report, the greatest concern is coastal flooding, projected to increase as sea levels rise at least one to two feet by the end of the century. In other words, storms such as Superstorm Sandy on the U.S. East Coast and Cyclone Nilam in Eastern India are expected with greater frequency and severity.

Post-Sandy, we’ve seen how far-reaching the effects of a mega-storm can be. In fact, 25 miles or so away from the New York/New Jersey shoreline, northward along the Hudson River where I live, homes, businesses and communities were devastated by the storm surge. A number of businesses have closed and damaged homes still stand boarded and empty.

Bloomberg Businessweek reported that as the Federal Emergency Management Agency moves forward with its plans to update flood maps nationally, 350 coastal counties—and 32,000 homes—will be impacted. Homeowners and business owners are reeling from the price of flood insurance, which will escalate even more in designated areas unless they raise structures. One couple in Old Greenwich, Conn., will pay $300,000 to raise their home 15.5 feet, according to the article. Residents of towns that elect not to adopt the maps will not be eligible for National Flood Insurance Program coverage.

Hard-hit New York and New Jersey are taking the threat of rising seas seriously with announcements that a number of coastal structures will need to be raised. New York City Mayor Michael Bloomberg in June declared a sweeping plan to help combat future flooding. The plan, which would include building flood walls, levees and bulkheads along 520 miles of coast, was projected to initially cost $20 billion.

Guy Carpenter’s report recommends that coastal areas re-examine their flood strategies including dykes and seawalls. Inland urban communities aren’t immune, as winds and heavy rains can cause flooding. These areas need to have storm water management infrastructure in place to accommodate larger volumes of rainwater and should upgrade codes and standards for infrastructure and land use that permits rainwater catchment basins.

While these preparations should be a priority for governments, they also compete with the need to replace aging infrastructures everywhere. Bridges, roads and water systems need repairs or replacement in every corner of the country. But many communities, crippled by debt and shrinking workforces, no doubt are focusing on needs as they arise. Hopefully the two can go hand-in-hand so that risk managers can build in flood control and other upgrades as they make the improvements so badly needed.

RMORSA Part 2: Risk Identification and Prioritization

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The first step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) implementation, Risk Culture and Governance, lays the groundwork and defines roles for your risk management function. The second step, Risk Identification and Prioritization, defines an ongoing risk intelligence process that equips an organization with the data needed for risk based decision making.

The engine behind this process – the enterprise risk assessment – isn’t a new concept, but organizations are finding that the traditional, intuitive ideas for how to conduct risk assessments are inadequate. Too often, risk managers are interviewing process owners and collecting huge quantities of data, only to find that their top 10 risks are entirely subjective and lack any actionable component. And what good is a top 10 risk if you can’t answer the inevitable question; what are you going to do about it?

Take a Root-Cause Approach

The first and most common hurdle risk managers face is that the risks expressed by process owners are so specific to their business area that they can’t possibly be measured against the rest of the enterprise.  For example, the IT department may be struggling to find candidates with enough JavaScript experience, or the Health & Safety department might be concerned with an endless string of EPA regulations. Process owners can’t help but think in terms of their immediate environment, but you can make use of their insight by adopting a root-cause approach.

The key to this root cause approach is a common risk library, or Taxonomy, that orients the concerns of business areas to a category that you as the risk manager can take action upon. When IT says it can’t find candidates with JavaScript experience, for example, what it’s really expressing is an issue with hiring practices, just as health and safety is expressing its concern with the company’s regulatory environment.

By categorizing risks, it becomes evident when more than one business area is expressing the same concern, allowing the risk management function to identify and address systemic risks.

Use a Single Set of Criteria

When engaging a variety of business areas for risk assessments, ensure you’re using a single set of criteria. Often risk managers will begin with a monetary value that represents a critical loss, and they’ll evaluate risks based on that amount. But consider how many process owners in your organization have the financial transparency to operate off of monetary values. Chances are, the answer will be very few.

To combat the lack of financial awareness, qualitative criteria is essential for operational risk assessments. Create qualitative criteria that will apply to multiple functions. For example, a major risk—such as fraud or embezzlement—might result in a work stoppage, or result in a serious variation from an organization’s business values.

Tell a Story to Your Board and Executive Leadership

The key to any good story is not only an identifiable villain (your top 10 risks), but also a damsel in distress (your company’s strategic goals). Tying risks to strategic objectives allows you to demonstrate ORSA compliance by orienting your initiative to the executive objectives of the company. When the question is asked “why is this risk a priority?” your top 10 list won’t exist in isolation, but will be mapped back to the priorities already set by the board.

Demonstrating risk-based decision making is one of the more difficult elements of ORSA compliance, but it can be accomplished by gathering meaningful, contextual risk intelligence with well-designed risk assessments.

For more information on risk assessment best practices, download LogicManager’s complementary guide, “5 Steps for Better Risk Assessments.”

Managing Small Business Risk

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As any risk manager can tell you, risk knows no market segment. Large businesses with their multi-million dollar losses may get more attention but small- and medium-sized enterprises (SMEs) face risks as well.

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The difference for these smaller businesses is that the losses they face can’t always be absorbed into their balance sheet. Losses that would be relatively minor for their larger counterparts, could be devastating and could even force an SME to close its doors forever.

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This is why, according to a survey by UK insurer Premierline Direct (part of the Allianz UK Group), it is interesting to see that despite being aware of, and having encountered, many common risks like customer non-payment, supplier issues and natural disaster losses, not all SMEs have been spurred to take action to mitigate future risk. One-fifth of UK SMEs surveyed not only do not have anyone who is responsible for managing risk, but have no plans to manage risks in the future.

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One-quarter do not consult with any specialists for risk management advice. Of course, the majority of SMEs do take risk management measures but closing the gap for the remaining businesses should be a priority.

To illustrate their findings and offer some tips on how SMEs can manage their risks more effectively, Premierline Direct provided the following infographic.

Infographic by Premierline Direct