RISK MANAGEMENT
HOW TO BECOME A BETTER RISK MANAGEMENT PARTNER TO YOUR CLIENTS
Proactively helping clients plan and determine risk management strategies is more critical now , as organizations strategize for what a post-pandemic world may look like . How can you up your game ?
By Chris Hale
Any quality agent knows that proactively helping clients plan and determine risk management strategies is critical to building successful long-term relationships . It has always been true , but it is even more important now as organizations continue to navigate a global health crisis and strategize for whatever a post-pandemic world may look like .
Amid ongoing change , business continuity planning ( BCP ) has to be part of the conversation with clients . It does not mean simply raising the topic with them . You can provide the most value by guiding clients through the BCP process , helping them create a framework to identify , prevent and recover from potential threats , and ensuring they have the proper coverage in place to minimize risks as operations continue to shift .
BUSINESS CONTINUITY VS . CRISIS MANAGEMENT VS . DISASTER RECOVERY Some clients might hear the phrase “ business continuity ” and assume that they are fully prepared if they have a crisis management or disaster recovery program in place . It ’ s a common misconception , but that is not the case . Start by educating your clients on the key differentiators of BCP compared to other planning practices .
In a nutshell , BCP is a planning process focused on ensuring that an organization continues to function with little or no downtime should normal operations be disrupted . On the other hand , crisis management is centered around how an emergency , disaster , or catastrophe is handled . In contrast , disaster recovery is geared toward restoring IT infrastructures such as data and applications should a disaster occur — for example , an organization ’ s data center or servers are damaged or destroyed .
ON THE BUSINESS CONTINUITY RADAR With alignment around what BCP is — and what it is not — you can start digging into planning details . Every organization will have unique considerations but keep in mind that in light of the pandemic , BCP managers have started revamping plans to include variables that rarely had been previously addressed . These are some of the key implications you should make sure that your clients address :
» Mobile Property : Keeping operations running in the face of disruption often means working from wherever you can , which brings the role of mobile property — including computers , tablets , monitors , and more — into focus . Business Personal Property ( BPP ) insurance covers this type of equipment , but coverage is typically limited when items are away from their designated office location . It means if employees are using these tools to work remotely , as many are today , there may be a break in coverage should an item be damaged , stolen , or lost while off-premises . As you walk your clients
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