Small business is a big deal for RSA

Two men in a shop

Small businesses are more likely than larger ones to experience potential emergencies, but while most entrepreneurs realize they need some type of insurance, few are pros at navigating risk management. 

A recent survey commissioned by RSA Canada revealed that contingency planning was not a priority for the majority of small business owners, but a thorough plan and adequate insurance can mean the difference between the business’ survival and failure in the event of an unforeseen disaster.

Though you will have a number of customized risk management recommendations to share with your clients based on the critical components of their operation, there are still several questions brokers should be asking all entrepreneurs:

  • Business Disruption: Supplier mishaps or equipment failure, for example, can cause sudden productivity or profit losses, or interfere with the ability to cover continuing expenses – What are the necessary back-up procedures?
  • Weather Damage: This increasing challenge is triggered by climate change – Have you considered and planned for the most common severe weather threats?
  • Crime: Fraud, vandalism, theft, and emerging technological and cyber misconduct pose major threats – Which security measures should be implemented?
  • Succession Planning and Talent Management: Hiring and retaining the right people is vital – What steps are you taking to ensure employees feel engaged in the business, are adequately trained and keeping up to date on job skills?  A strong and stable workforce is the lifeblood of a small business.  Along with the business benefits, an investment in employees can have positive impact on insurance premiums over the long term.  

Once your clients have a documented plan in place, ensure it is updated regularly and shared with the appropriate audiences. This list is just a starting point, so do tailor your recommendations by circumstance and visit rsabroker.ca/commercial for additional insights and information.