In order to nurture and grow a business, it takes a lot of time, resources and investment. So it is really important that you keep it protected with the right insurance policy.
Whilst cybercrime and job automation continue to threaten both businesses and employees, COVID-19 has also had a huge impact on the economy this year. Moving into the second half of the year there are also the implications of Brexit and a US presidential election to consider. Here we highlight 6 of the biggest risks to businesses in 2020.
1) Cyber Crime
In 2020 most businesses store consumer information and other business details online. More and more companies are seeing their databases hacked or compromised, causing long-lasting implications through the loss of data, and exposing consumers to additional dangers.
2) Job Automation
New technologies can create a wave of unemployment and each year the number of jobs lost to automation increases, replacing traditional with digital. It is also expected that this number will rise sharply in the future as machines begin to take over more and more of the workforce.
3) Economic Fragility
The disruption caused by the COVID-19 pandemic is having a significant impact on the global economy. With concerns shifting from supply and manufacturing issues to decreased consumer spending in the services sector.
4) Civil Unrest
Although crime levels have fallen during the pandemic, the chief of police predicted riots and civil unrest once lockdown was relaxed, warning of a “more volatile and agitated society” due to the impact of what the public has been through over the past few months.
5) Climate Disasters
The bush fires in Australia that started back in 2019 burned approximately 18,636,079 hectares of land. Although climate activists are heavily pushing for immediate action, we could experience another climate disaster, anywhere in the world, as soon as this year. Climate change WILL increase insurance premiums.
6) Political Changes
The impact of Brexit coming to the end of its transition period, along with the US presidential election in November means an uncertain future political climate. This can have an impact on businesses as it leads to fluctuations within the economy and affects consumer spending habits.
To receive a free, no-obligation quote on your business insurance contact the experts at Ashburnham Insurance on FREEPHONE 0800 1696137.