How to Protect Your Business Against the Unforeseeable

Nobody can predict the future, but we can keep a close eye on what’s happening in the world around us. There are steps you can take today to set up your business for the long-term, position it for growth, and be prepared defensively against the risks you and your organization face.

Many of these moves can be made right now to mitigate the effects of uncertainty. The old saying, “the best time to plant a tree was ten years ago, and the second-best time is today,” still stands as good practice. Here are four steps the defensive organization can begin working on today.

• Consider hiring a credit insurance company

While credit insurance is part of every insurance pre-renewal discussion and can protect you from a client who cannot pay, there is an often-overlooked defensive technique to hiring a credit insurance company. Utilizing the firm will give you access to best-in-class credit resources and act as your credit department, saving you man hours and giving you top-notch resources. This will also let you know which opportunities are worth extending credit to and which ones are too risky for your tolerance. If credit weren’t a concern, think about how much more would you be able to sell.

• Include Cyber protection

Cybercriminals can use public information to take advantage of unsuspecting companies. These criminals are often incredibly sophisticated. They monitor data to copy the way their target writes, and they learn their target’s schedule, making messages appear legitimate.

To avoid this, put a policy in place with a callback provision on any electronic orders to move bank account numbers or transfer money. In addition, have a cyber policy that covers social engineering and other common attacks.  Make sure a cyber specialist puts your policy together.

• Put a pre-renewal game plan in place now

Many factors continue to have an impact as insurance markets begin to harden. This will undoubtedly result in higher rates and terms that are less favorable for insurance buyers. Your pre-renewal strategy meeting and annual meetings with your underwriters need to plan for the hard market and position you as a best-in-class risk.

• Reconsider payroll and revenue projections

To have an immediate impact on cash flow, look to your insurance policy. At the beginning of the year, many companies estimate their payroll and revenue based on projections that have likely changed since renewal. If your broker has not called to see if you have over-forecasted, call them. Re-estimating your anticipated payroll and revenue can realize savings now when you need it most.

Successful entrepreneurs build their business by adding value and solving complex problems. By applying that same day-to-day ingenuity, forethought and use of available tools to your business protection plan, you will undoubtedly navigate this crisis and position yourself for the brighter future we’re all ready to see.

This article originally posted in 2020 and was updated in 2025.

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