INSURANCE TRENDS
Businesses will once again become open to all of the risks that come along with serving their customers face to face at times , regardless of how simple it seems to be , and putting thought and effort into getting it right is essential in planning for the future .
Whatever happens with the infrastructure plan , things have changed from both a risk management perspective and the perspective of doing business in general . Increasing shifts to digital-based platforms — be it using them on the jobsite , taking them as payments in the form of cryptocurrency , or even companies switching to telecommuting entirely — are changing the way risks must be managed . Being prepared for new digital threats and for a changing business landscape is essential for success moving forward .
For more information or to begin a review of your current risks , contact Chad Nesbit at 952-941-9418 or cnesbit @ nesbitagencies . com . +
• The idea of cryptocurrency being a niche product that individuals and businesses aren ’ t utilizing to a significant degree is now over . Low interest rates combined with increased awareness and ease of use have now led to new asset classes being added to many investment portfolios . Bitcoin is being increasingly endorsed by many financial services companies , including those as large as MassMutual . Companies like Tesla , backed by Elon Musk , have also made huge investments in this technology .
• Sustainability is a growing trend which is not showing any sign of slowing down . The proposed infrastructure plan , along with green energy initiatives , is heavily pushing toward sustainability . This is going to put immense pressure on businesses and their insurers to show support for initiatives which act to address environmental issues , climate issues , and social justice . Being proactive in these areas and making associated changes is quickly becoming a way to strengthen branding and bolster against upcoming regulatory changes across many industries .
• Like 2020 , it can be expected that the regulatory landscape will continue to change dramatically . Governors , seemingly at will , can change things in the blink of an eye via executive orders . Political considerations aside , this means that regulatory compliance is becoming much more complicated . From policy disputes around infectious disease-related issues to various consumer protections , things have continued to not only go virtual but also shift at an ever-increasing pace . Finding ways to address these compliance and regulatory concerns should be at the top of the list for business owners .
• Diversity and inclusion is still at the forefront . This means that employment equality is a top priority for companies as well . Mishandling it could not only become a PR disaster but it could also lead to regulatory actions by the government or any other number of changes . Social justice is a vague issue
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