5 of the biggest risks facing Canadian Businesses

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Through an online survey of 1,500 Canadian Business leaders, AVIVA Insurance was able to uncover the top five (5) risks businesses are currently facing. Those businesses surveyed including small, medium and large businesses from nine (9) different industries.

The 5 biggest risks facing Canadian Businesses

Economic Uncertainty

1 in 3 business owners stated they are very concerned about economic uncertainty.
Over half of the business owners surveyed stated they’re somewhat concerned about the economic outlook.

Business Interruption

Only 10% of business owners had a Business Continuity Plan (BCP) in place.
29% of business owners had contacted their Insurance Broker for assistance in mitigating this risk.

Public Health Events

77% of business owners expressed concern about the impact of public health events.
24% of business owners said they’re still very concerned.

Skilled Worker Shortage

Only 35% of business owners stated they are adequately staffed with an engaged workforce.

Cyber Threats

29% of business owners felt exposed to cyber attacks.
33% of business owners noted that a cyber attack has occurred in the last 12 months.

Would you agree with these points? Or are there other risks that your business is currently facing?

To learn more or to read the full report from AVIVA, please click here. And as always, if we can be of any assistance to you and your business (including providing Business Interruption and/or Cyber Liability coverage), please do not hesitate to reach out.

Thank you,

Your Costen Insurance Team