February 5, 2019

Focus on managing business risks including insurance policies in a holistic manner

One of the major risks that small and medium-sized enterprises (SMEs) are especially vulnerable to, is the negative impact of events such as service delivery protests, strikes by public transport workers or incidents calling for the shutdown of cities, which present risks that insurance policies do not cover Roy Wright, Head: Risk Solutions at GTC says: “Businesses can safeguard their operations better by changing their approach to risk management and engaging in an integrated process developed around their business needs, as opposed to merely relying on insurance policies for protection against perils.” He warns that traditionally, business owners tend to think of risk management as taking out insurance, but there are substantial risks to the sustainability of business operations – often unique to South Africa – that cannot be covered by insurance policies. “Rather than ignoring these threats, which are...
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