Emerging Business Risks

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To keep a business on the cutting edge of its industry, business owners must adapt to the digital age. They must also take advantage of market opportunities that propel them toward greater success. Here are five emerging risks that business owners in Florida are sure to face in the near future.

Cyber Threats

Danger lurks around every virtual corner in the digital world, regardless of the industry a business operates in. To alleviate this emerging risk, cybersecurity measures are of the utmost importance. Taking the appropriate steps to avoid potential security risks and scams are necessary to protect both the business and its customers. All digital information owned by your business must be protected with the latest encryption methods.

Social Media

Ethical issues and the widespread use of social media should be considered when creating digital policies for employees. Many companies use social media to recruit and raise brand awareness, but few provide their employees with training on social media use. As a business owner, it’s your responsibility to inform your employees of the laws governing social media use in relation to work-related issues. Social media can drive business success, but only if your employees know how to properly use it. One bad social media post can ruin your company’s reputation.

Resistance to Change

Change is inevitable and can serve as a major emerging risk to your operations. By creating policies that address change adoption practices, you can protect your core business model. These practices must reflect a deep understanding of how change impacts the workplace, but also embrace such change as necessary for growth.

Speed of Technology Development

Business growth and expansion requires organizations to keep up with developing technologies. The rapid speed of advancement in technology only increases risk as well as your ability to manage the risk appropriately. While innovation certainly drives the economy, innovation also requires business owners to stay abreast and prepare for new and interconnected risks. Ideally, you will have one or more employees devoted to technology deployment and compliance.

Social and Health Issues

There must be risk management strategies in place to address issues relating to workplace injuries, wellness programs, obesity, harassment, and ethics. Your employees are at the heart of your company, and protecting their well-being should be a central focus. Putting risk management strategies in place to address social and health issues are crucial to mitigating lawsuits and worker’s compensation claims. To create a solid risk management strategy to address social and health issues, it is recommended to speak with a licensed business insurance agent.

There are numerous emerging risks that many businesses face in today’s volatile economy. Ill-prepared Florida business owners will pay a price if they are not ready to address these risks. It is critical to deploy internal controls and specific risk-reduction measures to protect all aspects of a business. Identifying each risk and taking the time to study the market will help ensure Florida business owners are headed in the right direction to protect their investments. Are you protecting your business from emerging risks?

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Bates Hewett & Floyd

When you think about an independent insurance agency in Northeast Florida, you probably think of a small to medium size office run by a family or a few employees. If you have never visited or been inside Bates Hewett & Floyd, you have not experienced the big picture. With 30 employed professionals (currently seeking additional candidates to join the team) we are one big family (some blood, most not) that spans three offices and are spread throughout the many facets of insurance that Bates Hewett & Floyd.

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