R&R Insurance Blog

In response to the financial crisis in 2008 and 2009, financial institutions of a certain size are required to undergo regular stress tests. These financial simulations were designed to determine a bank’s ability to withstand an economic crisis and support economic activity.

The pandemic of 2020 and current variant strains in 2021 have dramatically reshaped business and changed the way business operates and manages risk.

For many, their business is their largest financial asset. Should business owners feel comfortable their pre-pandemic approach to their insurance program will perform under a post-pandemic environment?

A few insurance simulations for consideration:

• Phishing, Ransomware Demands, Social Engineering and subsequent lost income, cripple your business. How does your policy respond for each loss scenario?
• Key components to your product are being delayed overseas, orders are backing logging and customers are cancelling orders? Is your business covered for these supply chain risks?
• Does my policy contain virus, bacteria exclusions or limitations?
• Have nuclear verdicts and social inflation rendered my limits of insurance inadequate?
• Do my employees understand the value of tele-medicine options now offered?
• Would a Wellness program improve employee morale, while help manage costs?