Mid-Market Businesses Feel Exposed: How to Strengthen Your Risk Management Program
Running a mid-sized business means balancing big ambitions with significant challenges. You’re large enough to face complex risks, but not always big enough to have unlimited resources to manage them.
A recent survey by Nationwide reveals that many mid-market business owners are feeling the pressure:
- Only 54% of leaders feel highly protected from their most significant risks.
- While 83% have a safety budget and the vast majority have formal risk management policies, only about half believe those measures are truly effective.
If you’re a mid-market business leader, these findings may sound all too familiar. But the good news is, you don’t have to navigate it alone. Helping businesses like yours tackle these challenges is exactly what we do, using a comprehensive risk management process.
The Overwhelm of Business Continuity Planning
Nationwide’s survey found that 21% of mid-market businesses don’t have a business continuity plan at all. Even those who do often worry about how effective it really is.
It’s understandable. A business continuity plan (BCP) can feel daunting because it’s all-encompassing. It’s not just about recovering from disasters; it’s about preparing for everything from cyberattacks and severe weather to supply chain disruptions and regulatory changes.
Many businesses don’t know where to start or lack the time and internal expertise to build and maintain these plans.
That’s where the Advantage Plan comes in. Our team works with you to:
- Identify the specific risks unique to your business
- Create practical policies and procedures to mitigate those risks
- Provide guidance tailored to your industry and risk profile
We simplify the overwhelming into manageable steps, so you can move forward with confidence.
Common Pain Points for Mid-Market Businesses
Beyond business continuity, mid-sized companies are grappling with several risk management hurdles:
- Cost of safety measures (38%)
- Maintaining safety equipment (31%)
- Allocating resources for regular safety assessments (30%)
- Adapting to new regulatory requirements (20% feel unprepared)
These challenges can leave businesses feeling vulnerable, even when they’ve invested in safety and risk management.
The program helps address these concerns by delivering:
- Cost-effective risk control measures that protect both your people and your bottom line
- A proactive approach to identifying emerging risks before they become costly problems
Steps You Can Take Right Now
If you’re feeling overwhelmed, here’s how to make progress starting today:
- Start small: Select one risk area, such as cyber threats or workplace safety, and focus your efforts there first.
- Prioritize critical operations: Identify which processes or suppliers your business can’t afford to lose, even temporarily.
- Document your plan: Even an imperfect business continuity plan is better than none. Get it written down and refine it over time.
- Test it: Conduct tabletop exercises or drills to identify gaps and enhance readiness.
- Lean on partners. Partnering with the right insurance brokers can help you review your current plans, identify blind spots, and bring industry best practices to the table.
Why Finding the Right Partner is Critical
The survey findings are clear: mid-market businesses want better protection but often feel underprepared. The stakes are high but so are the opportunities to improve.
We specialize in helping risk-sensitive accounts navigate exactly these challenges. Our Advantage risk management process gives mid-market businesses:
- Guidance on policy and procedure best practices
- Customized solutions tailored to your unique operations and industry
- Ongoing support to adapt as your business, and the world around it, changes
Mid-market risks are complex but manageable with the right partner. Connect with OneDigital’s Property and Casualty team to build a tailored risk management strategy designed for your business.