Top Culprits of Business Interruption
Today’s evolving risk landscape contains a wide range of intangible threats—cyber-attacks, broken supply chains and the mental health of your employees, to name a few—that all have the potential to cause noticeable business interruption within your organisation.
In fact, recent research found that 20 per cent of organisations feel ill-prepared for unforeseen events in 2019. Clearly, the visibility of various risks to your organisation shouldn’t determine their disruption capabilities. Consider these top intangible threats to reduce interruption risks:
20 per cent of organisations feel ill-prepared for unforeseen events in 2019
Digital threats—Organisations across industry lines are joining in the race to ‘go digital’, implementing a variety of innovative technologies in the workplace. Even though doing so can help your organisation expand to new markets and boost productivity, reliance on technology can also make you vulnerable to cyber-attacks—causing significant business interruption during a breach.
Supply chain threats—Whether it be a delivery delay or lost shipment, problems with your suppliers often generate a chain reaction. Simply put, failure to consider unseen supplier risks can lead to just as much—if not more—disruption concerns as those that occur within your own company walls.
Employee threats—While it can be difficult to determine when a worker’s well-being is suffering, employees who are struggling with untreated mental health concerns are more likely to contribute to business interruption issues in the form of more frequent errors and higher absenteeism rates.
Above all, you need proper coverage to protect against business interruption. For insurance solutions, contact LI Insurance Services today.