2023 has thrown up some devastating natural disasters, and many businesses are yet to recover.

Today, the International Day for Disaster Risk Reduction, is a timely reminder to every business owner of just how important risk management is – and to check your business is covered should the worst happen. 

Don’t have a plan? Here’s our top 5 tips to get started:

• Identify your risks - what are the things that could go wrong in your business? Natural disasters are just one risk. What else do you need to look out for?
• Assess the likelihood and impact of each risk - how likely is each risk to happen? And how much damage could it cause if it did happen?
• Develop mitigation strategies - What can you do to reduce the likelihood or impact of each risk? This could include things like increasing insurance cover, implementing security measures or training employees.
• Monitor and update your risk management plan regularly - As your business changes, so too will the risks that it faces. Make sure to review your risk management plan regularly and update it as needed.

If you're not sure where to start, talk to an IANZ broker. We can help you identify and assess your risks, develop mitigation strategies and implement a risk management plan.