Risk management questions to ask today

April 23, 2020

The pandemic proves that small things can cause big problems. It also demonstrates that it’s nearly impossible to predict where issues might arise. A tiny virus from halfway around the globe that seemed so far off and irrelevant is now creating devastating impacts here in the states.

Questions like these wouldn’t have been dreamt of just a month and a half ago:

  • How do you practice social distancing when you need to keep a processing line staffed?
  • How do you predict and navigate what a concerned consumer base is going to do at the grocery store amid widespread fear?
  • When will the nearly complete shutdown of restaurants reverse and provide an outlet for liquid eggs?
  • What if this or that supplier or customer fails to deliver (or buy) due to COVID complications - if one of them pulled the force majeure card?
  • Fill in the blank with the questions that are coming up in your region or specific operation.

This is a perfect time to start formalizing a process for assessing and identifying risks if you haven’t already. A SWOT Analysis is a good place to start.

In some ways, it’s like entering a prize fight and then being told you can only box with one arm while hopping on one leg. Running an egg production operation is tough enough during regular times. And now the world is tossing in a pandemic grenade to complicate things even further.

The Palomar team is available to help you determine the questions you need to ask - whether or not the answers entail insurance solutions. Brett Cohrs – brettc@palomarins.com or 770-709-7712.

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