Travelers Reports Risk Index Survey Results Which Are Concerning
Dow 30 component, The Travelers Companies, Inc. (TRV), is an insurance provider of property casualty insurance for home, auto, and business.
The Travelers Companies, Inc. recently conducted their most recent Risk Index Survey and the results it reported are interesting and a bit concerning too. According to the results of the survey, 43% of business leaders claimed that business interruption is their main weather-related concern. Although that is the surveyed business leaders main concern, almost 40% of those who responded stated that they do not have a business continuity plan in place, and 10% of those were unaware if a business continuity plan existed.
While some businesses have insurance coverage, in case of natural disasters, many lack an appropriate amount of insurance coverage. The Travelers Risk Index reported that seven in every ten business leaders are not confident that they are even properly insured.
In order to be prepared for impending potential spring severe weather, Travelers suggests developing/updating your business continuity plan, shoring up your supply chain, and regularly reviewing your insurance policies and limits.
“Considering the high number of natural disasters in 2017, it’s more important than ever for businesses of all sizes to take the proper steps to protect employees, property and assets. Preparing for the unexpected, including the impact of severe weather, is fundamental to an effective risk management program.” -Scott Humphrey, Second Vice President of Risk Control at Travelers.
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