Protecting your business in 2022 and beyond

March 17, 2022

The findings in our 2022 risk survey highlight the challenges businesses are facing around business interruption and economic slowdown as a result of the COVID-19 pandemic, as well as their concerns around emerging risks such as cyber, disruptive technology and changing customer behaviours.

Below, we outline the most concerning risks by industry, the risks respondents find most difficult to manage and the risks respondents feel least prepared for, and how to protect against them.

TOP 10 MOST CONCERNING RISKS

1. Business Interruption
2. Cyber
3. Economic slowdown/slow recovery
4. Evolving customer demand and changing behaviours
5. Environmental e.g., climate change
6. Fleet management/vehicle/transportation losses
7. Regulatory/legislative changes
8. Fire/flood/theft
9. Increasing competition/disruptive technology
10. Liquidity/credit risk

TOP 3 MOST CONCERNING RISKS BY INDUSTRY

Asbestos
1. Liquidity/credit risk
2. Economic slowdown/slow recovery
3. Cyber
Find out more about our solutions for businesses operating in the asbestos industry here.

Builders merchants and suppliers
1. Cyber
2. Economic slowdown/slow recovery
3. Evolving customer demand and changing behaviours
Find out more about our solutions for builders merchants and suppliers here.

Construction
1. Economic slowdown/slow recovery
2. Business interruption
3. Environmental
Find out more about our solutions for businesses operating in the construction industry here.

Food and drink
1. Cyber
2. Business interruption
3. Increasing competition/disruptive technology
Find out more about our solutions for businesses operating in the food and drink industry here.

Medical
1. Business interruption
2. Cyber
3. Evolving customer demand and changing behaviours
Find out more about our solutions for private ambulance businesses here.

Waste and recycling
1. Fleet management/vehicle/transportation losses
2. Increasing competition/disruptive technology
3. Business interruption
Find out more about our solutions for businesses operating in the waste and recycling industry here.

TOP 10 RISKS THAT BUSINESSES STRUGGLE TO MANAGE

1. Economic slowdown/slow recovery
2. Cyber
3. Evolving customer demand and changing behaviours
4. Business interruption
5. Increasing competition/disruptive technology
6. Environmental e.g., climate change
7. Regulatory/legislative changes
8. Fleet management/vehicle/transportation losses
9. Fire/flood/theft
10. Liquidity/credit risk

TOP 10 RISKS BUSINESSES FEEL LEAST PREPARED FOR

1. Cyber
2. Environmental e.g., climate change
3. Economic slowdown/slow recovery
4. Business interruption
5. Liquidity/credit risk
6. Regulatory/legislative changes
7. Evolving customer demand and changing behaviours
8. Fire/flood/theft
9. Increasing competition/disruptive technology
10. Fleet management/vehicle/transportation losses

THE IMPACTS OF COVID-19

68% of respondents said their business is more resilient now, compared to 18 months ago.

Plans to reduce the risk following pandemic word cloud

We are here to support you

As a specialist insurance broker, we are here to provide robust risk management advice and intelligent insurance solutions to support and protect your business. Following the devastating impacts COVID-19 has had on businesses, its unsurprising that the risk of business interruption was ranked as the highest concern to respondents in the survey. However, it is important to know that you can prepare for any future potential incidents with business continuity management planning. Find out more here.

With Cyber scoring in the top 3 for the most concerning risk, the risk respondents feel least prepared for, and the risks respondents find most difficult to manage, the need to understand the emerging cyber risks and protect your business is vital. Click here to request a complementary KYND report from our cyber specialists which will provide you with simple and understandable insights into the cyber risks your business faces. We can then provide you with guidance on the best ways of protecting your business.

With concerns around the current economic slowdown, managing cash flow is a high priority for every business, so the key question is how do you manage credit risk at a time of increasing insolvencies? Trade Credit insurance could be the answer you’re looking for. Click here to learn more about managing your business’s credit risk at a time of increasing insolvencies.

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