How Organizations Can Thrive During Tough Times
While During the COVID-19 pandemic, many businesses experienced hardships due to a variety of factors, such as staff shortages, lower revenues and government-mandated closures. These challenges were difficult to prepare for, but they provided experiences for organizations to learn from. Oftentimes, tough situations are unpredictable, but it can help to have a plan in place in the event that a significant change does occur.
The following are a few tips for how businesses can thrive during tough times:
- Understand the changing needs and expectations of clients. Many businesses will have the instinct to turn away from clients and focus on the survival of the business, but it is critical to listen to customers and see if they have other needs that can be filled. For example, during the pandemic, many restaurants couldn’t have in-person guests, but customers still wanted their food. In response, many businesses were able to pivot and offer more pick-up and delivery options.
- Cut costs. Re-evaluate budgets and find ways to eliminate costs that are not directly associated with manufacturing a product or delivering a service. For instance, if employees can work from home, consider cancelling the organization’s lease to save on monthly expenses.
- Embrace technology. During tough times, research and explore new technologies that can provide more cost-effective and efficient solutions.
- Display strong leadership. Leadership teams should constantly communicate with employees, suppliers, lenders and clients to help build confidence and decrease feelings of uncertainty.
Businesses have a better chance of overcoming tough times when they are properly prepared for them. For more information about how to mitigate risks, contact The Hull Group.
Benefits of Commercial General Liability Insurance
Even in the most well-run organizations accidents happen. Whether these incidents result in property damage, bodily injury or both, they can be costly to deal with. As such, it is important for all businesses to be covered for various possible risks through a commercial general liability (CGL) policy.
A CGL policy protects a business by covering various liabilities, such as:
- Third-party bodily injury—Something as simple as a guest or client visiting the business and slipping on a wet floor can result in serious financial damages. CGL policies provide coverage for bodily injuries suffered by third parties on the premises or in relation to business operations.
- Third-party damage—A CGL policy will protect an organization in the event that it is found liable for damages to someone else’s property. These policies typically cover damage to tangible property as well as losses related to such property being rendered unusable.
- Personal and advertising injury liability—A CGL policy will also provide coverage for offences made by employees, such as copyright infringement, slander, libel or malicious prosecution.
- Medical expenses—If a non-employee is injured on the premises or in an incident related to operations, CGL policies will protect the organization. Coverage for medical payments can be triggered without legal action and allows for smaller medical claims to be settled quickly and without litigation.
- A sturdy defence—CGL coverage includes protection for legal expenses in the event that the business has a liability claim brought against it.
Running a business comes with many risks, which makes it important to ensure that the proper coverage is in place. Contact The Hull Group for more information on how a CGL policy can provide protection.