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Smart strategies for effective crisis management

Even insurers need to prepare for their own company emergencies.

By Bill Kowalski | Updated on January 30, 2018

We live in an unpredictable time, and in the business world, things can turn upside down in a hurry and without warning. When a crisis hits, unpreparedness often results in problems ranging from a complete lack of a crisis plan to a failure to adhere to the plan once a crisis occurs. The most effective way to handle a crisis is to have a plan and not only update it, but make a regular practice of putting it into action.

Businesses should explore the various potential crisis situations they can face. Emergencies such as weather-related disasters, violence, fire and cyberattack plans should be charted out and regularly examined; however, business leaders should also be regularly looking out for business-oriented risks in their occupational areas. Vulnerabilities such as a public relations disaster, marketing, operations or IT crashes, or even the sudden death of key individuals can throw companies without a plan in place into full crisis mode.

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