photo_41619_20150928How Business Risks Have Changed

Business risks have certainly changed over the past few years.  But just think about how much they have changed over the past 30 years! Business insurance is designed to protect the business from unforeseen losses.  As the risk landscape changes, so must your business insurance.

Here are examples of how the workplace, business liability and insurance have changed over the past decades:

  1. Smoking was once allowed in most public places. We did not fully understand the ramifications of second hand smoke.
  2. How businesses report financial information changed forever in the 1970’s, with all the corporate scandals.
  3. Believe it or not, it used to be common for female assistants to get coffee, and even buy gifts for their bosses wives! Human resources came to the rescue.
  4. You could fire a person just for the color of their skin. The Civil Rights laws brought us into a new way of thinking.
  5. You could do something really stupid at the company Christmas party and it would be forgotten in a few days. Now, with social media, your actions will be remembered (and documented) forever.
  6. The increased focus on the environment created many new laws regarding pollution and the liability associated with that. Now, landowners can be held liable for pollution even if the release was prior to the time they owned the land.
  7. 25 years ago the only way your customer’s information could be stolen would be for a burglar to break in and actually take files. Technology changed that, and cyber liability insurance was born.
  8. 20 Years ago if you wanted to work from home…you could not.
  9. If you needed to research a company or topic, you would need to go to the library or have an expensive business subscription service do the work. Welcome to Google!
  10. 30 years ago businesses generally did not get sued unless they actually caused a loss. Now businesses are sued regardless of fault.