Managing Business Risks in a Post-COVID World

The pandemic has driven fundamental shifts in the way Australia and the world does business. Some of the changes, such as the rapid adoption of remote video conferencing for example, have come through the pure necessity of keeping workforces safe, connected and operational. But others have also emerged through reframed attitudes and workforce priorities. As the disruptions of COVID-19 inevitably (albeit slowly) begin to recede, what happens next?

In time, many behaviours and processes will likely revert to the way they were before the pandemic. But there’s no doubt others are here to stay, making it essential for business leaders to understand the implications from a risk and insurance perspective as the economy opens back up.

With the effects of COVID still being felt and navigated across Australia – not to mention a looming Federal Election – it’s perhaps a little premature to make bold predictions about what the ‘new normal’ might look like. However, here at [Business Name] there are certainly a number of issues we’re watching very closely on behalf of our clients. Three stand out in particular, and belong on the risk radar of every business owner:

1. Workplace Health & Safety Risks

Businesses have always had a Duty of Care to their staff and customers. But what does this look like, post-COVID? For example, what are the impacts on Workers Compensation claims? How do you manage your obligations with regards to the delicate issues of non-vaccinated staff and customers? Where does personal responsibility end and business responsibility begin?

2. Travel Risks

If members of your team are required to travel domestically, internationally or even just within your own region, this now comes with new layers of risk and responsibilities, all of which need to be carefully weighed. Who is allowed to go where? Who isn’t? When will (or should) Zoom suffice? What happens if someone falls ill? At the very least, COVID-19 will call for new policies and definitions to be established to ensure all business travel is undertaken as safely as possible.

3. Remote Workforce Risks

One of the biggest legacies from COVID-19 is likely to be the Work-From-Home phenomenon. It was already happening in 2019 but has exploded exponentially since – creating all manner of new challenges and risks, especially in the areas of IT and data security. Running multiple devices across multiple networks using multiple data connections opens up a raft of potential cyber security threats. Whose responsibility is it to mitigate them?​​​​​​​

These are just some of the risk areas likely to come under greater scrutiny in Australia’s post-COVID economy. It’s by no means an exhaustive list. To discuss the implications for your business, please get in touch.