Businesses large and small have ongoing challenges – from labor shortages to social inflation, to environmental, social and governance issues, and these risks are interconnected. These risks range from workplace illnesses and injuries, to greater liability exposures, to reputational damage and litigation over business practices. In this video series from Liberty Mutual Global Risk Solutions, David Perez offers insights to help risk professionals cope with these interconnected risks and improve their organizations' resilience.
There are many factors behind the current labor shortages, from the pandemic to workers' shifting attitudes on remote working, but all of these factors are combining to create risks for businesses. The impact of labor shortages goes beyond the ability to serve customers. Filling roles with new or inexperienced employees increases the need for training and an emphasis on safety in the workplace. In addition to retaining talent, businesses also should focus on building safety cultures, advises David Perez of Liberty Mutual Global Risk Solutions in this Business Insurance video.
While not new, social inflation has become a major concern today for businesses and their liability insurers. A long-term trend, social inflation refers to shifting perspectives among plaintiffs and jurors, who are more willing today to seek or award outsize judgments. Higher jury awards and settlements mean increasing costs and greater liability exposures for businesses. Learn how to mitigate the impact of social inflation in this video from Liberty Mutual Global Risk Solutions.
Customers, investors and regulators are placing a growing importance on businesses' environmental, social and governance programs. Business practices are facing more scrutiny and, increasingly, litigation. As businesses transition their operations to reflect ESG values, there could be risks. Learn more about how companies can retain customer confidence and protect their reputations in this video from Liberty Mutual Global Risk Solutions.
Labor shortages, social inflation and ESG are just a few of the interconnected risks facing businesses. Dealing with complexity and volatility in the risk environment calls for thoughtful and collaborative approaches to risk management and risk transfer. In this video series, Liberty Mutual Global Risk Solutions' David Perez offers insights on how to enhance risk management and build resilience.
About Liberty Mutual Insurance
Liberty Mutual’s mid-to-large-size commercial and specialty insurance, surety, and reinsurance operations are part of Global Risk Solutions (GRS). Liberty Mutual GRS consists of GRS North America, Liberty Specialty Markets, and Global Surety and goes to market under several different brands. As a leading insurer and surety provider, we know the true reason for our success lies with our people. Our global team of professionals shows up every day, in 125 offices across the US – and 50 more locations abroad – with their sharpest insights, their most innovative ideas, and their wholehearted commitment to brokers and our customers. To learn more, visit business.libertymutual.com