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What Are Three Commercial Risks Not Always Talked About

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Operating a business involves managing a multitude of moving parts, and with it comes inherent operational risks. These risks, if not effectively addressed, can disrupt the smooth functioning of your business and impede its growth. In this blog post, we will delve into the top three operational risks faced by business owners and explore strategies to mitigate them. Work with a qualified agent that understands these kinds of risks and how to create effective risk reduction solutions, which may include commercial insurance.

Human Resources and Talent Management:

One of the most critical operational risks for any business is the management of human resources. Challenges in this area can include difficulties in hiring and retaining skilled employees, employee burnout, insufficient training, and workplace conflicts. A lack of an effective human resources strategy can impact productivity, morale, and overall company culture.

Mitigation Strategies:

  1. Robust Recruitment and Selection Processes: Develop comprehensive job descriptions, conduct thorough interviews, and implement rigorous background checks to ensure you hire qualified candidates who align with your company’s values and goals.
  2. Employee Development and Engagement: Provide ongoing training and professional development opportunities to enhance employee skills and engagement. Implement performance management systems to recognize and reward employee contributions.
  3. Clear Communication and Conflict Resolution: Establish open lines of communication to foster a positive work environment. Implement conflict resolution mechanisms and encourage a culture of feedback and collaboration.

Supply Chain Disruptions:

In today’s interconnected global economy, supply chain disruptions can have a significant impact on business operations. Disruptions can arise from factors such as natural disasters, transportation issues, supplier bankruptcy, or geopolitical events. Inadequate supply chain management can lead to delays in production, increased costs, and customer dissatisfaction.

Mitigation Strategies:

  1. Supplier Risk Assessment: Conduct thorough due diligence when selecting suppliers, assessing their financial stability, reliability, and contingency plans. Diversify your supplier base to minimize dependency on a single source.
  2. Business Continuity Planning: Develop a comprehensive business continuity plan that includes contingencies for potential supply chain disruptions. Identify alternative suppliers, establish backup inventory levels, and maintain open lines of communication with key stakeholders.
  3. Supply Chain Visibility: Utilize technology and data analytics to gain visibility into your supply chain. Implement systems that provide real-time tracking, inventory management, and demand forecasting to proactively identify and address potential disruptions.

Technology and Cybersecurity:

In today’s digital age, businesses rely heavily on technology to streamline operations and serve customers efficiently. However, this reliance on technology brings its own set of operational risks. These risks include cyber threats, data breaches, system failures, and inadequate IT infrastructure.

Mitigation Strategies:

  1. Robust Cybersecurity Measures: Implement comprehensive cybersecurity protocols, including firewalls, antivirus software, and regular data backups. Train employees on best practices for data security and implement access controls and encryption.
  2. Regular System Maintenance and Upgrades: Keep your technology infrastructure up to date with the latest security patches and software upgrades. Regularly monitor system performance and conduct vulnerability assessments to identify and address any weaknesses.
  3. Disaster Recovery Planning: Develop a comprehensive disaster recovery plan that outlines steps to be taken in the event of a system failure or data breach. Regularly test the plan to ensure its effectiveness and update it as technology evolves.

Operating a business involves inherent operational risks that require proactive management. By recognizing and addressing these risks head-on, business owners can minimize their impact and create a solid foundation for success.

Commercial insurance offers effective solutions for many of these as well as other risks your business faces.

Implementing effective strategies to manage human resources, supply chain disruptions, and technology challenges will help ensure the smooth functioning and long-term viability of your business.

How We Analyze Your Risk

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The term risk analysis tends to sound like a complicated thing. But simply put, risk analysis is a review of the things that might create a loss for you, your family, or your business.

Why Is This important?

You have so much invested in your family, home, and business. You need to have an understanding of things that might happen which will create a negative impact on your family and business.

What Role Does Your Agent Play?

Your agent will be your guide, consultant, and advisor through this process. It is important that you have an agent who is not interested in selling you insurance. Your agent needs to educate you on your risk, offer options, and work with you to make sure you are correctly protected.

If your agent does not understand or is not interested in this process, you will be left with inadequate protection.

If your agent offers an off-the-shelf homeowners policy, without asking questions and educating, you might get stuck in the event of a claim. For example, you have a fire in your business and have to move out for three months during reconstruction. Do you have the right coverage to help you with temporary rent and other expenses? What if you have to close your business and you have a loss of revenue? Knowing the right coverage and limits you need is the responsibility of your agent.

We Help Make The Complex Simple

We offer a series of questions to help our clients understand their risks and what options they have to manage them based on their individual situations.

We educate our clients so they can make informed decisions. For example, if you are renting out a part of your home, you will need special insurance, as your homeowner’s policy excludes operating a business out of your home.

If you own a home and have other financial assists, you may need a personal umbrella policy. This protects you against litigation or claims where your primary coverage is exhausted.

Let’s start a conversation on how we might be able to educate you and design an insurance program that fits your individual needs.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

Some Good Insurance Related Questions

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We recommend asking your agent a series of questions to better understand what your insurance covers and does not cover.  We know how hard you’ve worked to turn your house into a home. Since your home is one of the most important financial investments of your lifetime, you’ll need proper coverage in order to keep your investment protected and provide your family with the guarantee that they’ll always be safe and sound.

Ask These To Your Agent

  • Do you hold any insurance designations?
  • What happens when we have a claim?
  • What is your agencies core values?
  • Will you offer more than one kind of solutions?

We offer coverage options that are both flexible and affordable and will work with you on an individual basis to find a policy that best suits your needs. Our team is dedicated to providing the assurance that your family and your possessions are secure.

  • Do I need a personal umbrella? What does it cover?  What limit should I have?
  • I drive for a ride-share company. How am I covered?
  • What is replacement cost coverage, and why is it important?
  • What happens if I rent a car and go both domestically and abroad? What coverage would my insurance have?
  • My homeowners’ deductible, what is it? How would it be waived? When did I most recently file a homeowners claim?
  • What would happen if my house was destroyed completely? Could I instead use the cash value of my policy?
  • My house is old. Would my insurance pay to rebuild my house to current building codes, or would I be responsible for that cost?
  • I have a wine collection; how is that covered?
  • I just constructed an outdoor kitchen, is this automatically covered? If not, what do I need to do?
  • Can I receive any credits for combining my home and auto insurance together?
  • What is flood insurance exactly? Or an earthquake occurrence? Does my insurance cover these incidents? If not, should I add coverage?
  • I employ a housekeeper.  What if they had a work-related injury?
  • Am I potentially liable for their lost wages and rehabilitation? What if I’m sued by my employee?
  • What if I misplace my jewelry?
  • I serve on boards for both for-profit and not-for-profit organizations. Will a claim made against me be covered by my own insurance?
  • How much would my automobile be worth if it were a total loss? How, if at all, would the deductible apply?
  • I recently started a home business. Does my homeowner’s insurance provide any coverage?
  • When should I include my kids in my auto insurance policy? When should they be removed?

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

Why You Need An Insurance Agent?

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If you’re too young to remember a world without the Internet, you’ve probably asked yourself this question at some point. Similarly, you may have questioned the necessity of a travel agent, a piano instructor, or a bookstore. Everything they offer is available online. But do you really need an insurance agent?

Dealing with an agent who takes the time to get to know their clients and explain choices gives the buyer a sense of confidence and the peace of mind that things will be taken care of if something happens. It can be challenging to understand the implications of an insurance purchase.

Although most clients won’t suffer a claim event, everyone should feel more at ease knowing that they have a well-thought-out plan and coverage program that would respond if one were to happen. They need to have access to persons who they can consult with for advice as necessary in that strategy.

Agents do more than collect price quotes. Yes, we understand that cost is likely your concern. Who, after all, has extra funds for something they hope they will never use? But insurance agents have the training and experience to help you comprehend all the different things that could go wrong and why the cheapest option may not be the best.

An independent insurance agency represents you, the client, in locating the best coverage at the most affordable price. This may include your home, automobile, apartment, condominium, and business coverage. Insurance policies are not products that can be purchased from a store’s shelves, so “shopping” is not the most inclusive term.

Independent insurance agencies have access to various insurance carriers. Truly diversified agencies, such as ours, have relationships with multiple carriers. In addition, some of these insurers will only work with insurance purchasers through an agency. Therefore, if you shop for insurance on your own (which we do not recommend), you will miss out on some of the best options available today.

There is still a human desire for social interaction, and the value you provide cannot be replicated in the digital world.

Give us a call today and let us know how we can serve you.

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The Traits of A Good Insurance Agent

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  1. Honesty

Selling insurance is about giving customers, businesses, and individuals solutions to their risk issues. Misrepresenting the facts, or trying to sell a policy, does more harm than good to their customers. A good agent will not try to sell anything; they will listen and become a problem solver first. Then and only then might insurance solutions or options be provided.

  1. Responsive Client Service

When clients phones or emails, a timely answer is essential because they need the information to make decisions. When a client spends their money, they have a right to feel secure and content during the course of the business relationship. Through actively listening to and empathizing with our valued clients, agents can find success

  1. Industry Knowledge

Selling a policy is only one aspect of what it means to be an insurance agent. Agents must be able to provide a thorough understanding of all facets of the products and services they sell, as well as how each client’s situation may be addressed. The agent should be trained in all aspects of the risk management process.

  1. Community Involvement

Being a respectable member of the community is a must for running a successful insurance agency. We believe in fostering relationships and giving our neighbors access to resources because we are local leaders. To make the neighborhood a better and safer place to live, we collaborate with customers and businesses.

 

 

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

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Our Mid-Year Insurance Outlook

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It is essential to understand how the insurance market works and what the future looks like. In doing so, business owners and families can better plan for the future. Here is our brief overview of the insurance market as of August 2022.

The widespread use of vaccines and the relaxation of pandemic-related restrictions in 2021 served as significant accelerators for economic recovery by restoring public and corporate confidence. But that has been changed by increased inflation in 2022. But the conflict between inflation and  COVID-19 is far from ended, and there will probably always be some ambiguity. Could this harm the outlook for the insurance sector in 2022 and 2023?

According to our research, insurers anticipate more rapid growth in the coming year despite lingering COVID-19 worries.  However, non-pandemic issues with legislation, talent, supply chain issues, increased construction and auto repair costs, sustainability, and changing consumer preferences could provide roadblocks, causing premium increases.

On a more fundamental level, many carriers may think about taking action to increase stakeholder trust to increase customer retention and profitability. Greater transparency in the way insurers gather and use personal data may help to achieve this. They can also take a more proactive approach to find all-encompassing answers to pressing social issues, such as reducing the financial toll of upcoming pandemics and filling coverage gaps for natural disasters.

There are many actions people and businesses can take to minimize the impact of premiums or rate increases. These include.

  • Increasing deductibles.
  • Have your agent perform an insurance audit of your insurance program.
  • Make sure your property values are correct.
  • Considering self-insurance where prudent.

Give us a call for more information.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

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Special Coverage For High Net Worth Individuals

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Standard insurance products such as home, auto, life, and personal umbrella policies are sufficient for many people to protect their families and assets. However, there is a lot more to think about for high-net-worth individuals. People with a high net worth must approach insurance differently than others do. They should be protecting their resources and assets through insurance rather than just insuring their home or car.

While there are numerous insurance companies to choose from, you want to ensure that you and your net worth are adequately protected. Unfortunately, there aren’t many insurance companies that specialize in and understand the personal insurance needs of wealthy families.

Household staff such as maids, cooks, drivers, nannies, and gardeners are frequently required by wealthy clients. Second homes, boats, and other vehicles may need to be insured. Furthermore, people in the home, including children, may require protection against potential liability exposures as a result of driving, social media use, and lifestyle choices.

Common Coverage For High Net Worth Families

  • Higher liability limits
  • Fine Art insurance
  • Foreign travel insurance
  • Classic car insurance
  • Vacation home insurance
  • Coverage for staff
  • Rental income insurance
  • Yacht Insurance

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

We Can Help You Build A Bridge

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An Insurance Update

Most people have some gaps in their personal insurance coverage. We do our best to help our clients understand where these are and provide solutions so that these gaps don’t exist. Having an independent agent help, you find the right kind of personal insurance for you can go a long way in providing you with peace of mind.

Personal insurance is complex, and we are here to help you understand the complex, so you have made an informed and educated decision.

What are Insurance gaps?

Insurance gaps can be areas where you thought there was coverage, but in reality, there is not. It may be that the coverage is not available or is too expensive or you just did not know about it. Gaps can occur if you have more than one agent handling your personal insurance. Between your home, auto, RV or personal umbrella there might be times when one agent thought the other was taking care of the issue. Insurance gaps can include:

  • Flood insurance
  • Identity theft
  • Earthquake
  • Sewer back-up
  • Auto insurance limit issues
  • Your home is undervalued
  • Lack of a personal umbrella
  • Limited coverage for other drivers on your auto policy.

These are just a few of the personal insurance issues that can create real problems for you. Call our office for a free review.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

Why We Stopped Selling Insurance and Started Educating our Clients

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Many years ago, our agency changed the way we operate. We saw that insurance could be viewed as a commodity like a car or home. But we know otherwise. There were two reasons for our change.

  1. If people saw insurance as a commodity, then the lowest price wins. And with insurance, low price usually means one size fits all coverage and low or no education or service that values the customer over the insurance carrier’s efficient transaction model.
  2. When we can educate and explain why you need or don’t need certain insurance coverage, the process becomes less about cost and more about purchasing the right coverage at the right prices, hence creating value.

Here is what we like to do before we even say the word insurance. We ask questions to understand your needs better. We share our knowledge about your risks, and we help identify the individual risks you face and start the process of putting together a plan to protect you with a combination of insurance, risk transfer and avoidance techniques.

Our clients routinely tell us that “this is the first time someone took the time to explain this to them”.  They feel empowered to control and have ownership of their insurance program.

Building a business populated by satisfied, repeat customers is our goal.  This benefits both parties and offers us the opportunity to invest our knowledge and expertise while sharing the relationships we have with community vendors and insurance carriers to benefit our customers.  This feels more successful that hitting a sales goal each year.

Insurance is not a product. It is a promise and a trusted relationship. Here at Reichley Insurance Agency, we are not going to sell you something you don’t need. We want to talk to you, determine your needs, and get you covered at the right price.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

COVID-19 and the New Cyber Challenges

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The CIOVID-19 pandemic has affected the way we do business in a very significant way. Many businesses are requiring people to work remotely.  Employers are finding that having employees work remotely may be the new normal.

COVID-19 has forced us to become more dependent on the internet, as desperate measures, like social distancing, disrupt economic activity and everyday life.

This new way of doing business could mean that employees are collecting client information from home or other places that may not have the same cyber security as an office network.  In some instances, employees who are working remotely are forced to use their home computers because they do not have a company laptop.

Top Work-from-Home Cyber Concerns

  • Unsecured video conferencing
  • Using unsecured networks
  • Spam and phishing campaigns exploiting the COVID-19 pandemic
  • Maintaining security-critical operations, such as patch management
  • Supporting employees to ensure they have what they need to work from home without sacrificing security
  • Theft of client information from lap tops
  • Changes to regular security-critical processes
  • Using social media platforms from unsecured networks

What Can Employers Do to Reduce the Threat?

  • Do not open email from people you do not know.
  • Do not reveal personal or financial information in emails, and do not respond to email solicitations for this information.
  • Do not provide personal information to unknown websites or uninvestigated third-party messengers.
  • Do not share the virtual meeting URL’s on social media or other public channels.
  • Avoid clicking on links in unsolicited emails, and be wary of email attachments.
  • Lock your screen if you work in a shared space.
  • Provide corporate computers/devices to staff while teleworking, where possible.
  • Use secure, password-protected emails when sending documents.
  • Ensure that adequate information technology resources are in place to support staff.
  • Provide secure video conferencing for corporate clients (both audio/video capabilities).

Over the last sixty years, we have established a reputation for honesty, high morals, integrity and friendly, professional customer service – pillars of a successful insurance agency. Based upon this foundation, the staff of Reichley Insurance Agency commits to the following mission:

  • To provide the clients with quality products and services through financially sound insurance companies committed to the American agency system.
  • To provide prompt and courteous service by handling each account as if it were our own and by treating each client the way we would want to be treated.