RISK MANAGEMENT through their existing coverage , educate them about the different policy enhancements that offer extensions of coverage for BPP being used remotely . Given today ’ s fluid work environment , it is also worth exploring the benefits of converting their existing coverage to an Inland Marine floater coverage that is not bound to a specific location .
» Cyber Liability and Data Breaches - As organizations rely more heavily on online tools externally ( for example , nonprofits offering virtual counseling services or implementing online giving programs ) and internally ( for things like team collaboration software ), their webbased risk increases . At the same time , unfortunately , but perhaps unsurprisingly , hackers have ramped up cyber-attacks during the pandemic . As such , cyber liability and data breach insurance are a vital part of the insurance discussion . Offer clients insight into how digital strategy , platforms , vendor contract language , and other factors impact an organization ’ s liability and work together to minimize and manage the associated risks .
» Staffing Levels : As restrictions surrounding indoor capacity and social distancing remain in place , organizations must carefully assess how they are staffed to continue delivering on their mission without incurring undue risk . For example , in the nonprofit and social services sector that our Care Providers Insurance Services team focuses on , maintaining adequate staffto-client ratios is key to ensuring proper oversight and reducing abuse and molestation risks . It is a challenge when an organization needs to keep physical staff members to a minimum while striving to serve as many clients as it can and meet the community ’ s needs .
One of the greatest lessons from the past year is that the best time to understand how insurance impacts business continuity planning , and vice versa , is before a crisis , not during it . Now more than ever , organizations must think strategically about the risks to their continued operations , whether they are properly covered , and , most important , if they have a trusted agent on their side to guide them through the ever-changing business landscape . Your clients deserve more than a policy — they deserve a partner in risk management .
Chris Hale is the director at Care Providers Insurance Services ( CPS ), a program built by NSM Insurance Group , a leading provider of specialty insurance programs . For more than 25 years , CPS has focused exclusively on partnering with independent agents to serve nonprofit and social service organizations across the United States with specialized and comprehensive insurance programs . To learn more , visit ins-cps . com or contact Chris at CMHale @ nsminc . com .
Source : https :// roughnotes . com / become-better-risk-management-partner-clients /
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