While 2020 may have given us a once in one hundred year event (and, 2021 doesn’t look any better), it also presented several important lessons for business owners to help better prepare for the future, including:
· Catastrophic Events Can And Will Happen
· Business Continuity (aka Interruption) Plans Are Critical
· Insurance Policy Language Is Extremely Important
· Business Interruption Insurance Often Isn’t Enough
· Having Access To Sustainable Cash Flow And Liquidity Is Crucial
· Captive Insurance Could Have Prevented Many Business Closures
Based on the lessons gleaned from 2020, now is the perfect time for business owners and their advisors to proactively integrate a robust risk mitigation strategy to prepare for the next “virtually impossible” Black Swan event.
Join CIC Services on February 24th at 2 p.m. EST as CICS’s Randy Sadler dives into these significant takeaways from 2020 and explores how business owners can better prepare themselves for 2021 and the decade ahead.