Most midsize businesses report having unmet needs related to reducing their risk exposures, according to recently released QBE North America 2020 Mid-Sized Company Risk Report. The report, produced in partnership with the Association for Corporate Growth (ACG), surveyed 303 decision-makers at U.S. companies with $200 million to $3 billion in revenue. The survey found that many mid-market companies fail to adequately prepare for risks that are caused by external or unpredictable forces. Consider that only 37% of midsize companies said they have a risk mitigation strategy for risks related to a pandemic, and 30% said they have strategic plans for macroeconomic risks, such as a recession. QBE and ACG study also asked mid-market leaders to name their top business risk concerns for 2020. Unsurprisingly, COVID-19-related risks ranked among the top concerns this year, with employee safety and impact on cash flow being most top-of-mind for mid-market executives. Many companies also remain worried about other general business risks, including financial and cyber threats. "As the country contends with the impact of the pandemic, helping middle-market companies predict, prepare and protect against emerging risks will play a key role in the recovery," said Tom Fitzgerald, president of QBE North America's Specialty & Commercial business, in a press release. "We need to look to the future and understand what risks middle-market companies worry about most to design effective solutions to address those evolving risks, whether it's a new type of insurance coverage or loss prevention or recovery service." The slideshow spotlights the 12 risks that are most concerning to midsized companies in 2020, and click here for QBE's full report. Related: |

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