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Protect against business losses

2/27/2013 12:38:59 PM

The new year means many companies are looking to find and connect with more business leads. Future business earnings are important as the country comes out of the economic recession, and owners can also benefit from employing proper risk management efforts. Protecting the business now from future occurrences, such as natural disasters, may help maintain steady profits in trying times.

Impact Forecasting released its Annual Global Climate and Catastrophe Report of the year's catastrophe data and the economic losses that followed. There were 295 reported natural catastrophic events across the globe in 2012 with $200 billion in losses, which is 36 percent higher than average losses over the last ten years. 

Hurricane Sandy and a year-long drought caused two-thirds of the year's insurance losses worldwide and almost half of all economic losses, the former costing approximately $65 billion across North America.

While it is easy to ignore the daily efforts taken to prevent significant losses and unforeseen circumstances, Risk Management magazine points out that business owners can do themselves a favor by starting day-to-day preparation now. Planning for preparedness, quick response times and efficient recovery efforts can help get businesses back on track, find business leads and turn prospects into satisfied customers. Doing so will not only help when facing natural disasters or other catastrophic events, but also in dealing with an economic or financial crisis, technology disrupt or possibly even a legal matter.

Along with disasters such as the Colorado wildfires and Chicago teachers' strike, computer hacking, investment fraud and pharmaceutical fraud can also have adverse effects on modern companies. Protecting against these - and others that can't be anticipated - can put companies in a better place as they emerge from harmful situations.

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