Risk Management – Is Your Business Connected?

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Technology Smart Sensors Risk Management

Do you own a business? Or perhaps you serve on the risk management team for your employer? Over the years, via our blog and as a service for our John Bailey Company commercial customers, we often discuss new aspects of risk management. Considering the internet of things (IoT) is critical in all aspects of our lives, today we pose a question: Risk management – is your business connected?

Predicting and avoiding risks

Think about your own business or your employer’s business:

  1. Is the commercial property owned or rented?
  2. Is the commercial property a free-standing structure or located in a multi-story building or mall?
  3. Does your business model include actual or virtual inventory?
  4. Is refrigeration vital for your business products?
  5. Do you have employees with various responsibilities?
  6. Do you rely on a telephone system, computer hardware and software?

The answers to these questions may assist you in predicting risks, how you plan to avoid risks, and how quickly you can react to risks. Additionally, the answers to these questions will aid our John Bailey Company team to determine the right commercial insurance policy to protect your business from theft, property damage, liability, employee injury, and more.

Is your business connected?

Seems like a simple question, right? But before you answer that question, we would suggest that you first review your business continuity plan (BCP). Most experts would offer that a BCP is a subset of risk management, that is according to Wikipedia:

“A Business Continuity Plan outlines a range of disaster scenarios and the steps the business will take in any particular scenario to return to regular trade. BCP’s are written ahead of time and can also include precautions to be put in place. Usually created with the input of key staff as well as stakeholders, a BCP is a set of contingencies to minimize potential harm to businesses during adverse scenarios.”

While a BCP will serve as a roadmap when disaster strikes, you can be proactive in protecting your business, employees, physical building(s), and inventory by installing and utilizing the latest in technology sensors. Sensors are a critical part of IoT, all the while adding to your risk management and protecting your business.

Your business and smart sensors

John Bailey Company is a State Auto Insurance Companies’ agent and we read with interest their Connected Business 360 Smart Sensors Overview and Smart Sensors Stories. These two virtual pamphlets offer easy to understand information about how smart sensors did or could have saved companies serious business losses. Temperature, electrical, doorway (entrance and egress), water monitoring and water detection are all types of sensors you should consider. And, it is important to remember that new applications are regularly being introduced. Disruptive Technologies offered the following:

“Sensors aren’t just used in new buildings. Rapid advances in sensor technology have made it possible to retrofit older facilities with an array of sensors, so managers can improve the fidelity and coverage area, while reducing the need to continuously walk the floor and spot potential trouble spots.”

A year-end review…

Over the next few weeks many business owners will be extremely busy with the holiday rush. With that in mind, our John Bailey Company staff would suggest that, as the year comes to an end, you plan a year-end review of the state of your business’ affairs regarding technology and sensors. Feel free to call us. We will be happy to explore how sensors can positively impact your commercial policies. Remember, technological sensors could help you more easily and cost effectively “insure a great life.”

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Author: Brandon

Farragut High Grad, Ole Miss Rebel, Certified Insurance Counselor – CIC, Specialty Insurance Lover, Past Outdoor Insurance Underwriter, Co-Founder successes – Young Professionals of Knoxville, Knoxify.com, 2011 Dogwood Arts Festival Co-Chair. Lucky husband and dad to 3 sweet girls.

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