Today’s guest blog post comes from Matt Bryant of Baldwin Resource Group, a risk management and insurance consultant  with a focus on identification, evaluation, and classification of risk and subsequent development of risk management programs for organizations.   Matt will be a panelist at our upcoming Equinox Focus event “Thrive in the Upturn” on May 25.

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For the business owner or CFO, risk management and insurance considerations change depending to a degree on the economic environment.  Risks change with the business cycle and some areas of exposure increase or decrease depending on where a business finds itself.  For example, on the downside of a business cycle, risks of being sued for wrongful termination increase as a business lays off staff.  During a recovery, fewer layoffs reduce this risk while increased business activity leads to elevated potential for traditional losses such as when a distributor has more vehicles on the road and therefore exposes his fleet to more road miles and related potential for accidents.

Knowing how risks change with the business cycle and proactively planning your risk management program in advance puts you in a more competitive position than your competitors.  I look forward to discussing additional examples of changing risks and how you can stay ahead of the curve with your business.

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