From propertycasualty360.c0m :

American businesses of various size identified medical cost inflation, legal liabilities and technology risks among their top concerns, according to Travelers’ annual Business Risk Index.

Travelers polled more than 1,100 business decision-makers to learn what they believe pose the biggest threats to their business–and perhaps not surprisingly, many of those polled said the risks they identified as their biggest concerns are also the ones their business is least prepared to address.

“While the new Business Risk Index revealed some typical risks for businesses, it also uncovered some uncertainties that are indicative of the times, including medical cost inflation and technology risks,” said Bill Cunningham, Travelers’ executive vice president of business insurance. “Many respondents believe their businesses are least prepared to handle these risks. The good news is that many of these risks can be mitigated and there are resources available to help businesses of any size stay protected.”

The top risks identified by those polled included:

67% thought medical cost inflation was a leading risk for their business;

58% cited legal liability issues, such as omissions and errors;

53% were concerned about technology issues including data risks, such as hacking and viruses; and

52% reported concerns with understanding and complying with U.S. government laws and regulations that may affect their business or industry.

Despite the fact that 48%of respondents believe the world is growing riskier, only about 24% of business decision-makers say that preventing, preparing for and responding to risk is a strategic priority at their company. Of this segment, small businesses were least likely to name risk management as a strategic priority or an important management activity compared to large and medium-sized companies.

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