Are we around the corner yet? Thoughts on transitioning from Alberta’s economic downturn towards a brighter future
Alberta has certainly taken a hit economically over the past couple of years. As the economic downturn continued its spiraling decline, the ever hopeful Alberta Determination and Optimism have given us the courage to power through despite the devastating decline in oil prices and other economic drivers within our province. “How much longer will this go on?” is the question on many minds. Calgary seems to have taken a huge hit on its prosperity, due to the concentration of Energy Focused businesses located in its downtown core. These companies have had to make drastic adjustments to their spending including laying off many staff in the process. The pain experienced by the business community and citizens was very public. Two years into the downturn, there is most definitely a change in the landscape of which businesses are still standing and those who have ceased operations for a number of reasons. We are also seeing new businesses emerging in our ever optimistic entrepreneurial driven environment. Economists are now indicating that there is some hope on the 2017 horizon – which will be a welcome relief for everyone.
Preparation and planning are key to many a successful venture. As we look toward a brighter economic future, it is timely to take a closer look at the state of your business operations and the insurance program that was in place during these lean years. Looking back over the past two or more years, you may be surprised as to how much your business has evolved in order to stay relevant and profitable. Here are a few ideas of how your business may have changed over time:
- Maybe you are doing more e-commerce than ever before?
- Maybe you are outsourcing services and suppliers from further afield?
- Are codes and quality controls different?
- Have you changed your operations to expand or contract your business territory?
- And the list goes on….
The insurance industry has also changed during this time. There are new offerings for risks such as Cyber, E&O, D&O, Pollution and Legal Expense. There may be less appetite in some markets for certain classes of business. There are new policy offerings which contain specialized “language” to address unique technologies and emerging risks. Things can get complicated.
As insurance brokers, our team at BFL CANADA makes a point of staying informed with the latest innovations and products our industry has to offer. This market knowledge allows us to present innovative options to our clients which best address their specific risk profile. There is always room for improvement – cost wise, product wise and expert knowledge wise.
With all this anticipation of a brighter future on the horizon for Alberta businesses, this is an opportune time to review where your insurance/risk management program needs to go in order to keep up with the future needs of your business.