Cybersecurity in 2025 will demand sharp focus as technologies like artificial intelligence and quantum computing continue reshaping both risks and defenses. Zero-day exploits are expanding, cybercriminals keep cooking up new schemes, and operational technology (OT) faces mounting threats. Companies need to fortify defenses and constantly rethink strategies to protect vital systems and data. To manage risk and strengthen resilience, pay special attention to these five trends in 2025:

Trend #1: Secure operational technology amidst growing vulnerabilities

Operational technology (OT) networks are the backbone of industries such as energy, healthcare, and manufacturing. For many organizations, OT also plays a role in building access control, climate control, security cameras, and other day-to-day technology. In 2025, OT faces escalating cyber risks from two persistent challenges: the proliferation of Internet of Things (IoT) devices and continued reliance on outdated legacy systems and equipment.

Unsecured IoT devices can serve as entry points for cybercriminals, while aging infrastructure in OT environments lacks the modern safeguards to withstand sophisticated attacks. These vulnerabilities can have cascading consequences, potentially disrupting operations, endangering safety, and leading to financial losses.

Strategies to reduce OT risks

• Separate your IT and OT networks to reduce the risk of lateral cyberattacks and limit the potential for cross-network contamination.
• Update and replace outdated equipment when feasible, and isolate legacy systems to prevent their vulnerabilities from affecting other parts of the network.
• Regularly evaluate IoT device security against best practices and implement segmentation to restrict devices’ access to sensitive systems.
• Weigh the costs of upgrading aging systems against the potential fallout of a breach and build a roadmap for addressing high-risk components.

Trend #2: Monitor use of artificial intelligence (AI) and educate employees

In many organizations, employees are experimenting with artificial intelligence tools outside the oversight of their IT departments, often accessing free, unsanctioned AI applications online. While these tools seem convenient, they can introduce cyber risk. For example, employees could unknowingly share sensitive data with an AI tool, increasing the risk of exposure. Vulnerabilities in some AI programs create openings for attackers to infiltrate corporate networks.

Also, deepfake technology and AI-driven social engineering attacks are becoming more sophisticated, making them harder to detect and amplifying their potential to compromise businesses.

Strategies to protect against AI risks

• Establish and enforce governance policies to regulate how employees use AI. Communicate what ethical, secure AI usage looks like and how to protect sensitive data.
• Educate your teams about the dangers of using unsanctioned AI applications and implement network restrictions to block access to high-risk platforms.
• Train employees with deepfake simulation exercises and social engineering awareness programs, so they can recognize and respond to AI-powered phishing and fraud attempts.
• Invest in monitoring technologies that identify irregular data patterns, unauthorized use of proprietary systems, or suspicious AI activity. Partner with your cyber insurer or approved security providers to deploy these tools effectively.

Trend #3: Consider potential zero-day exploits in business continuity planning

Zero-day vulnerabilities – security flaws that software vendors don’t know about yet – are a big risk for critical infrastructure. Attacks that take advantage of these flaws can disrupt things like energy grids, financial trading, and water treatment systems. These attacks are hard to predict but important to plan for.

Strategies to mitigate zero-day risks

Safeguard your own software and systems:

• Strengthen access controls: Verify all users and devices accessing critical systems by implementing multi-factor authentication (MFA), virtual private networks (VPNs), and role-based permissions to prevent unauthorized access.
• Invest in advanced threat detection: Use monitoring tools like intrusion detection systems and behavioral analytics software to identify and counter unusual activity as early as possible.
• Prioritize patch management: Develop and enforce a rigorous patching policy. Apply software updates promptly to minimize potential entry points for attackers exploiting known vulnerabilities.
• Conduct regular vulnerability assessments: Periodically review your systems to uncover and remediate weaknesses before an exploit occurs.

Prepare for indirect impacts of zero-day exploits:

• Evaluate business interruption coverage: Make sure cyber insurance covers downtime caused by third-party infrastructure attacks (e.g., outages in utilities, supply chains, etc.).
• Negotiate coverage for dependency risks: If your operations depend on third-party providers and platforms, confirm your policy includes terms for contingent business interruption (CBI) due to external cyber incidents.
• Develop incident response plans: Create a strategy for maintaining business continuity during external service disruptions, including backups, alternative suppliers, and operational redundancies.
• Perform supply chain risk assessments: Work with partners and vendors to understand their cyber risk posture. Make sure contractual agreements include shared responsibility for managing threats and disruptions.

Trend #4: Prepare for quantum computing’s challenge to encryption

If your organization has experienced a past theft of encrypted information, the data may be useless to cybercriminals today. Quantum computing, however, could facilitate decryption of that data. Because of exponential leaps in processing power, quantum machines have the ability to break encryption protocols. You’ll want to plan for this contingency.

Strategies that anticipate quantum computing risks

• Build awareness among your IT and risk teams regarding quantum computing advances and identify any vulnerabilities that require attention today.
• Track advancements in quantum-resistant encryption technologies, such as post-quantum cryptography, and determine what to incorporate into your IT and cybersecurity roadmaps.
• Strengthen encryption measures for archived and sensitive data, ensuring it’s as shielded as possible against future decryption attempts.
• Partner with cybersecurity vendors and insurers who are actively preparing for quantum risks to design a strategy that addresses both current and emerging threats.

Trend #5: Add cyber liability insurance review to annual risk management planning

Even if you have cyber liability insurance today, the cyber protocols required by your insurance company can change over time. To maintain coverage, you may need to implement specific security processes, tools, and training. Also, cyber insurers are increasing scrutiny of vendor relationships.

Some of the contracts your business relies on for revenue and/or operations may require proof of cyber coverage. So, staying on top of your cyber policy – making sure you have the right coverage amounts to satisfy contractual obligations and the right risk management procedures in place – requires ongoing attention.

Insurance and risk management strategies to protect your balance sheet

• Revisit your organization’s contract review/approval processes. Because cyber risks can lurk in vendor contracts, ask your legal counsel and insurance broker to scrutinize the fine print.
• Establish formal procedures, if you don’t already have them, to track the cyber insurance requirements in your government, customer, and other contracts (to ensure compliance).
• Review policy exclusions carefully, especially those concerning state-sponsored attacks or third-party vulnerabilities, and address any gaps in coverage.

Looking ahead at cybersecurity challenges

Cybersecurity isn’t a task you check off – it’s a constant battle against evolving threats. Ignoring vulnerabilities or standing still invites risk, whether it’s outdated OT systems, AI-driven scams, or quantum-powered attacks on encryption.

The stakes are high. Aligning with trusted partners, investing in robust technology, and embedding cybersecurity into every level of operations will help fortify your organization.

Want to learn more?

Find Allen Blount on LinkedIn.

Connect with Risk Strategies Cyber Risk team at cyber@risk-strategies.com.

Learn more about the benefits available from IAEE Preferred Partner Risk Strategies here and about partnering with IAEE here.

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Cybersecurity Trends 2025: Resilience Planning appeared first on IAEE.

Originally published by Risk Strategies

Cyber threats are escalating. Reports from IBM show that cyberattacks using stolen or compromised credentials surged by 71%, year-over-year in 2023, and 32% of cyber incidents involve data theft and leaks. This indicates a shift towards stealing and selling data rather than encrypting it for ransom. The human element is often the weakest link in cybersecurity risk management. Creating a “human firewall” can significantly fortify your business against these threats. To better understand this concept, let’s explore the human factors that play a crucial role.

Cybersecurity human factors

Research from Stanford University and Tessian shows that human factors account for more than 80% of cyber incidents. Common human errors include:

• Social engineering: Criminals trick employees into revealing confidential information.
• Clicking malicious links: Often found in phishing emails, these links can expose your systems to viruses, give threat actors access to confidential information, and compromise your organization’s security.
• Bypassing security protocols: For convenience, employees may ignore essential security measures.

For example, Change Healthcare faced a major data breach due to employees bypassing multi-factor authentication (MFA). Hackers accessed sensitive patient data, resulting in significant financial and reputational damage. One effective strategy to reduce risks such as these is implementing a human firewall.

What is a human firewall?

A human firewall consists of employees who act as the first line of defense against cyber threats. Unlike traditional cybersecurity measures that rely on technology, a human firewall underscores the critical role of trained and vigilant staff.

What is an example of acting as a human firewall?

Turning your staff into diligent defenders against cyber threats can make a huge difference. Here are two real-world examples that illustrate the effectiveness of a human firewall in different sectors:

• Financial Sector: The Royal Bank of Scotland reduced phishing incidents by 78% after implementing comprehensive employee training programs.
• Healthcare: A hospital network successfully defended against ransomware by regularly educating staff on recognizing phishing attempts.

Understanding cognitive and cultural drivers in cybersecurity

Building an effective human firewall also involves understanding the cognitive and cultural factors that influence employee behavior.

Cognitive aspects

Employees often take the path of least resistance, making decisions that prioritize convenience over security. This behavior is influenced by cognitive biases and the pressure to meet performance goals.

Organizational culture

A strong security culture balances responsiveness with skepticism. For instance, encouraging employees to verify suspicious emails can prevent many attacks. In the example, the company failed to enforce MFA and neglected security patches. Their culture prioritized convenience, leading to a significant data breach and Senate testimony from its CEO.

Changes to organizational structure

Key events affecting your organizational structure could also heighten the risk of human error. For example, with a merger or acquisition, the combination of different tech platforms, systems, and cultural norms could complicate cybersecurity practices.

Conduct thorough due diligence to assess the cybersecurity posture of acquired entities. Develop strategies to maintain security amidst organizational changes, such as standardized protocols and continuous monitoring.

Short staffing and burnout

Shortages in cybersecurity staff can impact risk management. Implement 24/7 monitoring using AI and analytics to continuously monitor systems. Prevent cybersecurity and IT team burnout by rotating shifts to ensure adequate rest periods and offering professional development opportunities to keep staff engaged and motivated.

Understanding the cultural and behavioral factors is an important next step, but it doesn’t go far enough. The next step is adoption and implementation by your people.

Cybersecurity employee training

Providing regular and effective training is a cornerstone of maintaining robust cybersecurity. Engaging methods, such as animated modules, can improve employees’ memory and understanding of the material. Implementing analytics to track training effectiveness and employee compliance further strengthens the training program.

Employee training is also important in the context of cyber insurance, as many insurers require organizations to have a baseline level of employee cybersecurity training in place to qualify for coverage. Proof of training can also reduce premium rates. Demonstrating a commitment to cybersecurity through regular training activities indicates to insurers that a business is taking proactive steps to mitigate risks. This proactive approach can lead to lower premium rates as it reduces the likelihood of costly claims.

A cadenced training system and setting a “tone from the top” are great places to start. For example, Risk Strategies conducts monthly cybersecurity training announced by the Chief Information Security Officer (CISO). This executive-led approach has proven effective in fostering a security-conscious culture.

Technological and procedural measures in cybersecurity

While regular and effective training is important, complement this with robust technical and procedural measures to ensure comprehensive cybersecurity. Some of these measures include:

• Multi-factor authentication (MFA): Adds an extra layer of security.
• Strict password policies: Enforce the use of complex passwords.
• Vulnerability scanning: Use AI-powered solutions to regularly scan for and address vulnerabilities, helping you detect and squash threats effectively.
• Incident response plans: Ensure comprehensive plans are in place for quick action during an incident.

Cybersecurity and human factors risk assessment and regulatory landscape

It’s difficult to know the degree of human error your organization may be exposed to without conducting a cybersecurity and human factors risk assessment. This will help you gauge any gaps in the system and identify areas for proactive improvement. Here are some places to start:

Consistent self-auditing and optimization

Identify weaknesses in your systems, processes, and human behaviors that could be exploited by cyber criminals. Considerations may include weak passwords, lack of security awareness training, and susceptibility to phishing attacks.

For each identified risk, estimate the likelihood (probability) of it occurring and the potential impact (financial, operational, reputational) if it does. Use a risk scoring system to prioritize the most critical risks that need immediate attention.

Use tools for comprehensive assessments

Cybersecurity risk assessment tools help businesses identify and manage potential security threats. Popular tools scan for vulnerabilities, assess compliance risks, and analyze networks, applications, and devices to find weaknesses.

Some tools provide ratings based on security performance. Using these tools helps companies protect sensitive data and improve their overall security.

Keep up with evolving regulations and ensuring compliance

The US regulatory landscape for cybersecurity has become stricter over the last decade. Major laws like the Cybersecurity Information Sharing Act (CISA) encourage sharing threat information. The General Data Protection Regulation (GDPR) impacts US businesses handling European data. The National Institute of Standards and Technology (NIST) framework helps organizations improve their cybersecurity practices. Recently, the Cybersecurity Maturity Model Certification (CMMC) requires defense contractors to meet specific security standards.

Many insurance carriers now require vulnerability scanning before finalizing cyber insurance to ensure that businesses have addressed any potential weaknesses. The assessment is an important step for organizations to take before signing on for cybersecurity insurance.

Integration of AI in cybersecurity

In addition to assessments and compliance, integrating AI into your cybersecurity strategy can boost your defenses. AI can enhance cybersecurity by detecting phishing attempts, identifying anomalies, and reducing risks. Consider AI as a supplementary tool, providing an additional layer of protection by identifying suspicious activities that we, as humans, might miss.

While AI implementation can be costly, its benefits in preventing breaches could outweigh the initial investment. For example, AI can recognize phishing trends and block suspicious emails, reducing human error and enhancing overall security.

Future-proofing cybersecurity: the role of advanced technologies and human factors

The integration of advanced technologies, continuous improvement in training tools, and evolving cultural practices will continue to shape the future of cybersecurity risk management. Future AI tools will better recognize and block sophisticated threats, further reducing human error.

To effectively defend against cyber threats, focus on building a human firewall. This involves investing in employee training, implementing robust technological measures, and fostering a strong security culture. Stay updated on evolving trends and best practices to ensure your business remains resilient against cyber threats.

Want to learn more?

Find Allen Blount on LinkedIn.
Connect with Risk Strategies Cyber Risk team at cyber@risk-strategies.com.

Learn more about the benefits available from IAEE Preferred Partner Risk Strategies here and about partnering with IAEE here.

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Building a Human Firewall: Strengthening Your Cybersecurity Defenses appeared first on IAEE.

When it comes to bringing in new customers, it’s hard to top the value of a referral. Across industries, the conversion rate for referred customers is three times higher than the average lead conversion rate, making referred customers far more valuable.

It makes sense too – aren’t you more likely to trust a friend’s endorsement of a product or service than an ad? A business can make meaningful referrals happen by offering customers an incentive to spread the word. These five referral gift ideas can help you reel in high-value customers.

Share a link, score rewards

Earning a referral doesn’t need to be complicated. When a customer makes an online purchase, provide them with the option to share a unique link that takes people to a set of exclusive deals. The customer can choose to share this special link with family or friends and on social media. When a new user clicks the link, it triggers a reward for the referring customer.

Offer a tiered business referral gift as a thank-you. After the first referral, they receive a can cooler, the second nets a bottle opener and the third a rolling cooler. Watch the referrals keep coming, bringing a steady flow of new, high-value customers your way.

Partner up for a prize package

Partner with a like-minded or related business on a referral promotion. For example, a roofing company could partner with an electric services company. Or a smoothie shop with a nearby deli. When a customer makes an in-person purchase at your business, offer a coupon or discount code for your partner business. And that business can do the same for you.

This strategy positions you as a referrer, leveraging the relationships you have with your customers, and the relationship your partner has with theirs. What’s more, 69% of consumers are more likely to try a brand or business if it offers rewards.

With that in mind, a smoothie shop might welcome new customers with a free tumbler, or a deli might hand out a free sandwich-shaped stress reliever.

Hold prize draws for social shares

Encourage customers to build buzz about your business using social media promotions. When you launch a new product or run a sale, promote it on social and enter anyone who shares the post into a prize draw. You can run the promo for one day or offer one entry per day and run it for longer.

Once time is up, announce the winners on social media. Tag them and they may share your content yet again to increase your reach even further. Reward a top prize, like a hoodie, and additional participation rewards, like plastic water bottles, novelty footballs or magnets.

Give goodies – and to a good cause

Instead of just offering prizes or future discounts in exchange for word-of-mouth advertising, bring charity into the mix. Team up with a charity that has a mission that makes sense for your business. Every time a customer sends business your way, make a donation to the selected charity. Eighty-two percent of consumers want to buy from brands with values that align with their own.

There are many ways to get this project going. For example, for every in-person purchase, customers receive a coupon to give to a friend. When the friend returns with the coupon, your business donates to an animal rescue, food pantry or after-school program. You can also give out a branded promotional product. A bakery, for instance, could give out a whisk or measuring cup to each new philanthropy-minded customer. Donating to charity in exchange for a referral is a great way to showcase how your business values helping others.

Dangle a mystery prize

Add a twist to your business referral gifts by using the element of surprise. Instead of announcing a grand prize as a reward for a referral, make it a mystery gift basket. Theme it to your business or the season. A summer gift basket could include a towel, sunglasses and beach ball along with a spacious bag. In the fall, stock a basket with a cozy blanket, warm gloves and a mug perfect for hot chocolate.

Referral gift ideas that keep on giving

According to Nielsen^®, 89% of people trust word-of-mouth recommendations from people they know over all other forms of advertising.

That’s why referrals can be so powerful. With these referral gift ideas you can embark on your journey toward increasing visibility and growing your customer base. Best of luck!

Trademarks

NIELSEN is a registered trademark of THE NIELSEN COMPANY (US), LLC, 85 BROAD STREET, NEW YORK, NEW YORK UNITED STATES 10004

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Referral Gift Ideas that Keep the Recommendations Coming appeared first on IAEE.

Originally published by Risk Stategies

Deepfake technology blurs the line between reality and fabrication. While sometimes used for entertainment purposes or as a novelty, deepfakes can be a dangerous tool for cybercriminals, enabling scams, blackmail, and misinformation. Learn more about this threat so you can proactively prepare and protect your business.

What are deepfakes?

Deepfakes use AI and machine learning algorithms to manipulate audio and video, convincingly replicating a person’s voice, image, expressions, and actions. This ability to forge someone’s likeness makes deepfakes potent tools for spreading misinformation, stealing data and money, and damaging reputations.

Business impact

Deepfakes pose a threat far beyond individual privacy. They put companies at risk of financial fraud, reputational damage, and erosion of public trust. For example, one finance worker was tricked into transferring $25 million to fraudsters who used a deepfake to impersonate their company’s CFO. This incident underscores the immediate financial dangers that deepfakes present.

The rise of deepfake phishing

Deepfake technology enables cybercriminals to carry out highly targeted phishing attacks by creating realistic audio or video clips of trusted figures within an organization. This deception can trick employees into divulging sensitive information or transferring funds, as the familiar voice or face lowers their guard and bypasses standard security checks.

To protect your business from deepfake phishing attacks, it’s crucial to implement robust security measures and foster a vigilant organizational culture. Key strategies include:

• Applying multi-factor authentication, such as verbal confirmations through secure channels, to verify unusual requests
• Training employees to detect signs of deepfake attempts and to scrutinize any suspicious communications, regardless of the source

AI significantly enhances the complexity and effectiveness of social engineering attacks, leading to serious data breaches or business disruptions. Keeping abreast of deepfake technology as it evolves is essential in protecting against these advanced threats.

Navigating legal and regulatory implications of deepfakes

To stay compliant with deepfake laws and avoid legal pitfalls, understanding these laws is crucial. Deepfake laws regulate the creation and distribution of hyper-realistic audio or video manipulations. Several states have proposed or enacted laws aimed at preventing malicious uses like fraud, defamation, or misinformation. Federal efforts are also in progress to address this technology’s broader implications. Here are steps your business can take to ensure compliance:

• Regular legal reviews: Conduct regular reviews of AI and media usage policies to ensure you align with current laws and regulations. This helps identify any areas of risk and adjust practices accordingly.
• Compliance training: Implement comprehensive training programs for employees that cover deepfake technology legal implications. This ensures that staff are aware of what constitutes lawful versus unlawful use of such technologies.
• Policy updates: Stay abreast of deepfake-related legislative changes and adjust internal policies as necessary. This proactive adjustment helps prevent legal issues.

Insurance coverage for deepfake risks

As deepfake threats escalate, cyber liability insurance offers you vital protection. This coverage mitigates losses from deepfake-related incidents, including:

• Legal expenses and data recovery: These policies cover legal costs from litigation related to deepfake incidents, including fees, settlements, or judgments. They also support data recovery efforts to restore system integrity and secure compromised data, crucial in preventing significant data breaches.
• Phishing coverage: Cyber liability insurance helps businesses recover from these sophisticated phishing attacks.

Given the severe reputational harm deepfakes can cause, management liability coverage is crucial. This insurance protects against:

• Reputational damage, which covers financial losses from fake images or videos of company figures.
• Crisis response, which helps pay for crisis management and PR efforts to restore brand trust.

How will deepfakes impact the future insurance landscape?

The insurance landscape is evolving alongside the increasing use of deepfakes. Currently, deepfakes have not dramatically changed cyber liability insurance policies, but this is expected to shift as their impact grows. Prepare for changes in your coverage, including:

• Increased rates: As the number of deepfake-related claims rises, insurance costs may also increase.
• Specific exclusions: Policies might introduce exclusions specifically addressing deepfake incidents.
• Training and detection requirements: New mandates for deepfake detection and employee training could become standard.

The regulatory landscape surrounding deepfakes is constantly changing. While outright bans are unlikely, regulations are emerging to limit the spread of harmful content. Deepfakes have both beneficial uses and significant dangers. Understand the technology, potential abuse, and changing regulations for responsible and lawful usage.

To counter escalating deepfake threats, enhance your cybersecurity protocols and regularly review your security measures. Prioritize continuous employee training and stay informed about technological changes.

Act now to adapt policies and strengthen your defenses to protect your organization from these sophisticated risks.

Want to learn more?

Find Allen Blount on LinkedIn.
Connect with Risk Strategies Cyber Risk team at cyber@risk-strategies.com.

Learn more about the benefits available from IAEE Preferred Partner Risk Strategies here and about partnering with IAEE here.

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Protecting Your Business from Deepfake Threats appeared first on IAEE.

In-person events play an important role for organizations across many industries – from tech to healthcare to entertainment. Nearly 76% of event organizers believe in-person gatherings will become increasingly critical to their organization’s success in the coming years. And whatever the industry, when businesses gather at conferences, trade shows and other events, they’re looking to stand out. One way to attract attention is through the creative use of event swag.

The first step is determining what promotional products people not only want but are most likely to use. Research by Promotional Products Association International shows 49% of people have kept promotional products longer than five years. The most common reason they did so was because the product was useful. With that in mind, we explore promotional products for events that recipients will keep coming back to.

Drinkware to celebrate

Think of your event swag as a souvenir. Nearly 40% of people say they hold on to a promotional product because it reminds them of an event or experience.

If a significant part of your event revolves around a dinner or social hour, serve attendees their first drink in a pint glass that doubles as a keepsake. Or hand out stemless flutes as part of a celebratory toast.

For warm-weather gatherings, including outdoor expos and conferences, an event-branded water bottle is a useful memento that later becomes a frequently carried item. These handy giveaways fill recipients up with fluids and fond memories. When the weather turns colder, serve passersby a mug of hot cocoa or tea. Offer promising prospects or attendees who stop and engage a higher-end item – like a vacuum tumbler – to say thanks.

Outerwear they’ll love to wear

Research by the Advertising Specialty Institute shows 61% of people keep and wear promotional outerwear for at least two years. That’s great news considering one jacket or fleece can generate an estimated 7,856 impressions in its lifetime.

Give a lightweight jacket as a thank-you gift for big-ticket purchases at a sales event. Or offer fleece pullovers as silent auction items or raffle prizes at your next gala.

When an employee earns a promotion or accomplishes a significant achievement, show your appreciation. Host an all-staff event and surprise them with a company-branded packable jacket for sticking with your company through rain and shine.

Event organizers say a top priority is increasing attendee engagement. Thoughtful use of promotional products for events can help drive those interactions. Trade show vendors can add a little competitive action to their booth with a dart board, basketball hoop or ring toss. Offer a top prize of a fleece jacket or vest and let attendees give it their best shot.

Bags that will carry on and on

More than 80% of event organizers say in-person events have the biggest impact of all marketing channels. And people often travel for these gatherings – especially trade shows and conferences – meaning the event swag you distribute may span cities, provinces and beyond.

Tote bags can help get their goods home while also raising brand awareness wherever they go. Sponsor an event’s swag bags or give them out at your booth in exchange for contact information. Attendees might sling them over their shoulder and show them off for the rest of the day. Or boost the interactive aspect of your booth by posting a password on your social media accounts ahead of the event. Anyone who visits your booth and says the password gets a branded tote.

Up the fun factor at your event by applying colored stickers to the backs of name tags or on the inside page of a program or agenda. During the event, host several surprise drawings with prizes that correspond with the sticker colors. The lucky winners can choose between a sling bag or a messenger bag.

Headwear to top off your event

Logoed headwear is a terrific way to get your brand noticed. On average, a single hat gets more than 3,300 impressions in its lifetime. Bonus – many hats and caps are one-size-fits-all, increasing the odds they’ll be worn again and again.

Include a bucket hat in a gift basket as part of a fundraiser raffle. Reward trade show attendees who sign up for a newsletter or share their contact information by giving them a knit toque. Or offer a trucker hat to people who stop by your booth at an outdoor event. Encourage them to share a photo of themselves wearing their hat on social media and tag your brand. Enter anyone who does into a prize draw for a gift card or discount on a future purchase.

Takeaways that resonate

A successful seminar, conference or gala event can produce lasting memories. And a great way to evoke those memories is through a useful keepsake. Strategic use of event swag can benefit everyone involved. Recipients have a useful product they love that results in repeated impressions for your brand.

Learn more about IAEE’s Preferred Partners here.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Event Swag They’ll Use All Year appeared first on IAEE.

Originally published by Risk Strategies

A crisis can strike any business at any time. From a workplace accident to a natural disaster, a well-crafted crisis management plan can be the difference between weathering the storm and succumbing to circumstances.

Potential crisis scenarios

• Employee or third-party death: A death on company property is a devastating event. A crisis management plan can help ensure swift and appropriate responses to authorities, families, and the media.
• Serious incidents: Accidents, injuries, or environmental spills can have lasting consequences. A plan can mitigate damage and ensure proper communication with all stakeholders.
• Criminal acts: Theft, fraud, or vandalism can disrupt operations and damage your reputation. Crisis management plans can help you respond effectively to law enforcement and minimize negative publicity.
• Products creating incidents: If a product causes harm, a swift and decisive response is crucial. Having a plan can help you quickly identify and address the issue.
• Natural disasters: Floods, fires, and other extreme weather events cause significant damage and disruption. A plan can help your company recover and get back on its feet.

Why plan ahead?

Being unprepared during a crisis can lead to chaos and costly mistakes. A thorough crisis management plan provides a roadmap for navigating challenging situations. A plan is vital for several reasons:

• Untrained employees fail: In a crisis, untrained employees may panic or become indecisive. Proper crisis training empowers them to respond effectively.
• Time-to-recovery: A well-rehearsed plan can minimize damage and ensure a faster recovery.
• Investigation response: Knowing who will be probing the incident is crucial for providing accurate information.
• Reputational damage control: A crisis management plan can help protect your company’s reputation by ensuring precise and consistent communication.
• Speed-up claims: A well-documented crisis response plan, along with clear communication with your insurance carrier, can streamline the claims process and expedite coverage for losses.

Building your crisis management plan

You can begin compiling your plan with these steps:

• Possible events: Identify the types of crises your plan addresses.
• Response: Outline the steps to take in the immediate aftermath of a crisis.
• Communication: Establish a clear and concise communication strategy for employees, media, and other stakeholders.
• Design: Make the plan easy to understand and navigate. Use subheadings, flowcharts, and clear language.
• Checklist: Consider including a checklist of essential actions to take during a crisis.
• Contact information: Include detailed contact information for all key personnel, including legal counsel, your insurance carrier, and emergency services.

Developing your crisis management team

A well-coordinated team is essential for effective crisis management. Here are the key members and their roles:

• Upper management: Provides leadership and decision-making during a crisis.
• Legal counsel: Offers legal advice and ensures compliance with all regulations.
• Operations: Manages logistics and ensures business continuity.
• IT: Maintains communication systems and protects sensitive data.
• Public relations: Develops and disseminates crisis communication messages.
• Human resources: Supports employees and addresses their needs during a crisis.
• Business units: Provide specific knowledge and expertise relevant to the crisis.
• Facilities management: Ensures the safety and security of company property.

Pre-planning exercises

Regularly exercising your crisis management plan can make it instinctual when an unfortunate event happens. Here are some effective methods:

• Brainstorming and role-playing: Simulate potential crisis scenarios and brainstorm potential responses.
• Roundtable and tabletop exercises: Gather your team to discuss potential crises and rehearse responses.
• Past crises and near misses: Review past incidents and identify areas for improvement.
• Vulnerability identification: Analyze your company’s vulnerabilities to potential crises.
• Mock emergencies: Conduct periodic mock emergencies to test your plan and identify weaknesses.
• Redundant training: Regularly train employees on basic emergency response procedures.
• Team captains: Appoint team captains to lead specific aspects of the crisis response.

Internal communication

Effective internal communication is crucial during a crisis. Here are some key elements:

• Crisis communication team: Establish a dedicated team to communicate with employees.
• Communication channels: Identify multiple channels to reach employees, such as mass texts, emails, or intercom systems.
• Timely and accurate information: Provide employees with accurate and up-to-date information as soon as possible.

External communication

Productive communication with external audiences is essential for minimizing reputational damage. Consider the following:

• Reporting to authorities: Report the crisis to the appropriate local, state, and federal agencies, as required.
• Positive messaging: Develop positive messages highlighting your company’s safety record, community involvement, or charitable giving.
• Single point of contact: Designate one spokesperson to communicate with the media.
• Understanding the situation: Gather all the facts before making any public statements.
• Legal considerations: Be aware of the potential legal ramifications of your statements.
• Social media monitoring: Monitor social media for crisis mentions and promptly address concerns.
• Past issues: Be prepared to address any past issues that may be relevant to the crisis.

Learning from experience

After a crisis has subsided, it’s crucial to take time for debriefing and analysis. This process allows you to identify areas for improvement and ensure your crisis management plan remains effective. Here are some critical aspects of post-crisis analysis:

• Lessons learned: Gather your team to discuss the crisis response. Identify what worked well and what could’ve been handled differently.
• Sharing learnings: Don’t limit your learnings to just the team directly involved. Share key takeaways with other company locations or branches to improve overall preparedness across the organization.
• Documentation: Create a detailed record of the crisis and your response. This documentation will be invaluable for future reference and training purposes.
• Follow-up: Assign clear follow-up tasks with deadlines and designate individuals accountable for their completion. This ensures that you can implement identified improvements effectively.
• Plan updates: Based on what you have learned, update your crisis management plan to reflect the new knowledge and best practices gained from the experience. This continuous improvement ensures your plan remains relevant and effective in future situations.

Insurance considerations

Having the right insurance can help your company recover financially from a crisis. General business interruption, property, and liability insurance are likely important for most businesses. Depending on your industry, you may also want to consider cybersecurity, product liability, and D&O (Directors & Officers).

Before an incident can occur, ensure you have up-to-date contact information for your insurance broker and carrier. After an incident occurs, take steps to preserve property, report claims promptly, track expenses, and hire licensed contractors.

Employee Assistance Programs (EAPs)

Employee Assistance Programs (EAPs) act as a safety net for employees facing a crisis. These programs offer a variety of support services, including mental health resources like counseling and referrals to therapists. EAPs can also provide short-term financial assistance to employees experiencing financial hardship due to a crisis. Additionally, some EAPs may offer legal advice, childcare assistance, and eldercare assistance, depending on the specific program.

A plan for whatever comes next

By following these steps and utilizing available resources, you can develop a comprehensive crisis management plan. Being prepared for anything will allow you to navigate any challenges that may lie ahead.

Want to learn more?

Find Travis on LinkedIn.

Find John on LinkedIn.

Find Christina on LinkedIn.

Connect with the Risk Strategies Risk Management team at safety@risk‐strategies.com.

Learn more about the benefits available from IAEE Preferred Partner Risk Strategies here and about partnering with IAEE here.

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this info

The post Building a Crisis Management Plan: Preparing for the Unexpected appeared first on IAEE.

Originally published on 4mprint.com

April is National Volunteer Month and it’s as good a time as any to make giving back part of your organization’s identity. Bonus – getting employees engaged in volunteerism can have a positive impact on everybody involved.

There are physical and mental health benefits to volunteering: reduced stress, increased social interaction, boosted confidence, an improved feeling of purpose and more. It also provides an opportunity to learn new skills and has been shown to increase employee engagement and productivity. Begin to build a culture of volunteerism with these five tips.

Tip #1: Follow another’s lead.

Getting involved with an ongoing effort – whether local or national – can be an effective way to kickstart your efforts. This allows for less planning. And often, employees can jump right in. Many virtual volunteering options are available for groups working remotely too.

Tap into resources that connect people who are interested in volunteering with the right opportunities. VolunteerMatch®, for instance, is an organization designed to put volunteers in touch with nonprofits. Your local United Way® or volunteer center may be another good resource.

Tip #2: Host a drive.

Planning an item drive can get your whole team involved in a cause without straining too many resources. Collect school supplies, canned goods, hygiene items or, depending on the time of year, holiday gifts. Make the drive an annual occurrence and incentivize employees to donate by giving them a reward, like a casual dress day or travel mug. Make it a team competition and give business bags to participants in the department with the biggest collection.

Tip #3: Organize a fundraiser.

Perhaps time is the resource your organization is best equipped to offer. Partner with an established company or charitable cause to plan a raffle, silent auction, run/walk, bike ride or other community event. If there’s a local summertime concert series, plan a night where attendees can score a free beverage holder with a cash donation or donated item. Work with other businesses to assemble gift baskets to be auctioned off at a school sporting event or during intermission of a play or musical. Promote that all proceeds go to charity.

Tip #4: Align with mission and values.

If the intent is for your organization to get behind a cause, take time to ensure it aligns with your mission and values. Do you want to focus on helping the local community or the entire world? People or pets? Conservation or education? Define your objectives and create your organization’s plan based on what you want to achieve.

Ask employees about causes they care about or have a personal connection to. See what works best with schedules and plan around that time, as opposed to finding an opportunity and trying to squeeze it in. When the first event or effort wraps up, take a group photo to frame for each participant and the supported organization, starting an annual tradition. 

Tip #5: Make volunteering part of the job.

With thoughtful planning and coordination, an organization can build volunteering into the workflow. If it’s too much to ask for everyone to be involved in a project at one time, find ways for individual employees to focus on giving back. Offer paid time off for volunteering and provide resources for employees looking to get more involved.

Remote workers may want to participate in microvolunteerism, which is one-off activities completed on their terms. These acts of service can include anything from sharing a nonprofit’s social media posts to donating professional services, like graphic design.

Be flexible and allow employees to make their own plan based on the causes they’re passionate about. Avoid applying too much pressure and diluting the motivation behind the charity work.

Start Something that Resonates

A culture of volunteerism benefits an organization, its employees and the greater good. With so many ways to get involved, from hands-on help to virtual microvolunteering, these ideas can help your organization do more during National Volunteer Month and beyond.

BONUS TIP: IAEE members receive a 10% discount from 4imprint with code IAEE10!

Learn more about IAEE Preferred Partners here!

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Five Ways to Build a Culture of Volunteerism appeared first on IAEE.

As the cyber landscape grows more volatile, it is important that show organizers and their firms secure themselves against a variety of cyber risks such as:

• Ransomware attacks and extortion demands.
• Loss of business income.
• Loss due to phishing and attempts to “dupe you out of money.”
• Loss of private data belonging to exhibitors, contractors and employees.

IAEE has teamed with preferred partner Risk Strategies on its new Cyber Asset Protection Insurance program that provides coverage for cyber incident expenses such as the cost for breach response, legal counsel and even public relations. Below are real-world case studies of how purchasing a cyber liability program saved others from costly events.

Ransomware

A Risk Strategies insured client unfortunately sustained a ransomware event in which 35 physical servers, 70-80 virtual machines and 250+ workstations were infected with malware. All of its services, including email, were halted due to the breach.

Once appointed, cyber lawyers and “breach coaches” performed forensic investigations into how the incident occurred and began negotiating with the bad actor. Originally, the bad actor demanded a more than $4 million ransom to return control over the client’s network and system. This ransom was negotiated down to $3.5 million. In turn, the client was provided a decryption key and received a promise that all stolen and copied data would be deleted. Forensics determined that over 500 individuals’ PII (personally identifiable information) was accessed, and credit monitoring was sent to those affected.

In total, insurers paid out more than $3.5 million to the client to become operable again. These costs included more than $150,000 for breach response coverages (attorneys, forensic IT and notification), more than $3 million for the ransom payment, and more than $50,000 for the business interruption incurred.

The cyber policy successfully guided the insured through the process of dealing with the incident and indemnified them for their loss.

Cyber Crime

Another Risk Strategies client sustained a major loss when a large transfer of funds landed in the incorrect bank account. A $1 million transfer was made to a bad actor due to a spoofed email with fraudulent payment information.

This specific bad actor gained access to the company’s emails and monitored its inboxes to gain insight into what types of transactions were being made. Once the individual grew familiar with the insured’s business operation, they set up a fake email account pretending to be one of the insured’s vendors. Once the payment was submitted and the insured realized that it was fraudulent, the insured alerted the bank and retained breach lawyers to guide them through the process.

Unfortunately, the bank was unable to recover the funds transferred to the bad actor. However, the client’s cyber policy responded to the incident. The client was reimbursed the policy limit of $250,000 for the fraudulent payment.

Be Prepared

Learn more by watching the Cyber Risk Management and Insurance: How to Protect and Manage Your Cyber Assets webinar here, which outlines ways to proactively defend against cyber threats and effectively mitigate potential damages. The webinar is free to IAEE members and available to non-members for $49.

About the Author

Vincent Naples is a Senior Account Manager within the Cyber Practice at Risk Strategies. As an expert in Cyber Liability, Tech E&O and Miscellaneous Professional Liability, Vincent provides strategy, advisory and placement services to his clients.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post How Prepared Are You for a Cyber Attack? appeared first on IAEE.

Strong customer relationships matter. Research shows clients who feel like they have a strong relationship with a brand are more likely to do repeat business and refer others. And all good relationships are built on trust. Clients who trust your organization buy more frequently, stay customers longer and help drive business growth. Creative client gifts build trust, grow relationships and show appreciation to your most loyal patrons. From personalized keepsakes to exclusive experiences, these memorable thank-you gift ideas are sure to make a long-lasting impression.

#1 Mark milestones

Is a customer anniversary approaching? Or did you just close a big project or sale? Commemorate the milestone with a custom book that celebrates the journey. Include customer photos, team member testimonials and project success stories. Write a personal note on the inside cover, and insert a bookmark for an added touch. Present their meaningful gift over brunch, or mail it with an invitation to open their gift over a virtual cup of coffee.

#2 Get personal

Personalization is no longer a luxury. Seventy-one percent of consumers expect personalized interactions from brands. And companies that get personalization right generate 40% more revenue than those that don’t.

When selecting thank-you gifts for clients, be sure to add a personal touch. Is a long-time customer moving into a new workspace or home? Help them settle in by sending a special surprise. For a new workspace, send a package that includes a plush lumbar pillow, ergo mouse pad and  wireless mouse.

For their new home, choose a housewarming gift to warm them inside and out. This rustic throw blanket is downright luxurious. And a mug gift set is a classy gift that they’ll enjoy for years to come. Include ingredients for a Moscow mule mocktail plus an invitation to join your team for a celebratory toast.

#3 Celebrate achievements

Take every opportunity to celebrate achievements. Doing so not only reinforces important lessons learned throughout the journey, but it can also strengthen relationships with the team members who make those achievements happen.

Did you just help a client launch a new product or service line? Celebrate the accomplishment by sending a handwritten note congratulating them on their achievement. Include a set of branded flutes and a bottle of something bubbly.

Did a customer recently experience major company growth? Congratulate them by sending their entire team wireless charging stands and true wireless ear buds. They’ll appreciate the thoughtful gifts and be reminded of your sentiment every time they use them.

#4 Elevate VIP status

The top 10% of clients spend between 10 and 25 times that of an average customer. What’s more, those VIPs are responsible for 20% to 50% of company revenue.

Celebrate your top customers by throwing an invitation-only appreciation event. Host a dinner with entertainment, like a local musician, comedian or speaker. At each setting, place a high-end tumbler stuffed with chocolate squares. Top off the night by giving each attendee a members-only Nike^® fleece pullover imprinted with a special VIP logo. What a great reminder of how important they are to your business!

#5 Brew success

In today’s digital age, relationships transcend geographical boundaries thanks to the many tools available to connect online. Arrange virtual coffee meetings with industry experts. Invite your clients to join these exclusive sessions, providing them with unique networking opportunities and insights from experts in their field. To ensure they’re ready to go, send participants a trendy bamboo coffee mug and gift card to a local coffee shop.

#6 Create a give-give situation

Express gratitude for a significant contract by donating to a charity in your client’s name. Send them a certificate holder with certificate that mentions the impact of the contribution. Include a QR code that leads them to a personalized thank-you video from your team and, if possible, the beneficiaries of the donation.

Forge business bonds

Boost loyalty, inspire more referrals and drive higher revenue by using these creative client gift ideas to show customers how thankful you are.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post 6 Creative Client Gifts to Show Gratitude appeared first on IAEE.

Originally published by Risk Strategies

Captives – single or group owned self-insured companies – are gaining popularity with mid-market organizations as commercial insurance headwinds increase. Health care costs, nuclear verdicts, cyber-attacks, catastrophic climate events, and market-specific drivers are leading to sky-high premiums, prohibitive exclusions, and even complete lack of insurability as reinsurance dries up. Closely held, well-run mid-market companies can navigate around these headwinds by adopting captives as part of their risk management strategy.

To illustrate, a trucking company has strict health and safety programs in place along with regular driver training and monitoring. The company enjoys a stellar driver record yet, because of the overall trucking industry prevalence of distracted driving accidents and resulting litigation, the company is challenged with securing suitable insurance at a reasonable cost.

Captives are a viable option for companies like this. The company is willing to assume more risk because of their positive safety record. A captive allows the business to take on a portion of the risk and through the captive, pay the premium to themselves. As the company maintains its clean record, they create a surplus in their own safety net. That allows them to take on more and more risk over time, while also getting tax benefits. 

COVID catapulted captives to the mid-market risk management arsenal

The COVID pandemic accelerated mid-market companies’ awareness and demand for captives. Many learned the hard way their property insurance with business interruption coverage had communicable disease exclusions or there had to be property damages to make a claim.

This caused business leaders to take a closer look at captives to help protect them from the next global issue. Once they understood the role of captives in that scenario, they started to see the other enterprise risks they can effectively manage through captives.

A mid-market captive is a Swiss Army knife, not a silver bullet

Mid-market companies are looking at captives as a Swiss Army knife – a tool with a lot of utility. Captives are not a silver bullet that magically and immediately cut costs. Rather, they are an elegant tool that meets a variety of long-term risk management needs.

They give organizations the ability to toggle risk up or down, effectively managing the ebbs and flows of the commercial insurance market. They are in the driver’s seat to buffer the fluctuations inherent in insurance and reinsurance.

Captives can augment a commercial policy’s gaps and exclusions. A captive ensures anything that slips past that primary commercial policy is covered. In this case, a captive is a backstop tool.

Captives can be used for a specific risk area, such as supply chain disruptions, where premiums are high and exclusions abound.

Growth areas for mid-market captives

We are seeing mid-market organizations increasingly adopt captive strategies in these three areas.

Group captives: Like-minded employers pool their resources to establish and manage their own insurance entities. These businesses will have similar risk profiles and risk management approaches and are able to spread the risk among all participants, reducing their exposure. Group captives make sense for numerous mid-market industries – from trucking companies to wineries to manufacturing – as they may not have the financial and administrative resources they need to set up single captives.

Employee benefits captives: Many businesses believe they have no alternative outside the traditional market when it comes to offering group medical benefits. Or they think that making a change to self-funding is complicated and risky. Because of these reasons, they stay with traditional health insurance companies and accept double-digit cost increases each year. 

At times, it can often be difficult for mid-size companies to find cost-effective medical stop loss coverage.  A proven approach to overcoming this hurdle is to join a medical stop loss group captive or form a single parent captive.  Both structures help bridge the gap between what employers need to manage risk and what the market is willing to offer in terms of coverage.  In addition to providing capacity, captives offer additional savings through dividends paid from underwriting profits.

Excess liability captives: Excess liability insurance is becoming increasingly difficult to secure at a reasonable cost if it can be secured at all. Catastrophic losses from climate change-fueled natural disasters, nuclear verdicts, and third-party litigation costs are making commercial insurers shy away in this hard market. Captives can fill the void to manage unexpected risk.

The future for captives for mid-market companies

Brokers will start to embrace captives and recommend them to clients rather than worry about how that may affect business (and their commissions). The more mid-market businesses learn about alternative insurance like captives, the more they will expect brokers to offer them as part of the risk management strategy. Brokers will be wise to proactively recommend captives as part of the risk management strategy.

Captives will spur innovation and new products in the insurance marketplace – for example, cyber liability insurance initially came out of the captive space. Where group captives take hold, there will be greater stabilization of the insurance market, as risk will not be held entirely by the commercial carriers.

Captives’ adoption in certain lines like cyber-attack insurance will slow as rates, premiums, and terms improve in the commercial space. Fewer organizations will use captives to fund these lines, but they will shift captive coverage to other areas.

In sum, more companies will be reaching for their captives Swiss Army knife to help them manage risk.

Want to learn more?

Find Max Jong on LinkedIn, here. Connect with the Risk Strategies Captives team at captives@risk-strategies.com.

Learn more about partnering with IAEE here.

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Future of Risk: Captives Take Hold in Mid-market Companies appeared first on IAEE.

Strengthening teamwork within your organization fosters a spirit of collaboration and camaraderie. Teamwork boosts productivity, promotes idea generation and creates a stronger company culture by encouraging employees to work together and build professional friendships. It is a crucial ingredient for success – especially in a fast-paced and interconnected business environment. We share several activities to help build strong teams within your organization plus team-building giveaway ideas to support your “squad goal” efforts.

7 fun team-building ideas:

• Team challenges
• Employee cook-offs
• Group volunteering
• Interactive workshops
• Random pairing challenges
• Escape room challenges
• Treasure hunts

Team challenges

According to survey data, 1 in 3 people say a collaborative culture leads to increased loyalty. You can promote collaboration among employees by creating unique challenges and games that require different departments to practice communication and teamwork.

An obstacle course is a fun activity that calls for teams to strategize to overcome hurdles and reach the finish line. And a game show competition is an entertaining way to promote critical thinking and sharing of insights. Give each team a uniform, for instance a customized T-shirt and trucker snapback cap, imprinted with their team name to give every group a cohesive look.

Encourage friendly rivalry to foster teamwork and award points based on performance. Whoever gets the most points wins a gemstone desktop award or Woodwick^® ellipse candle as a team-building promotional item to commemorate their achievement. Employees will be reminded of the fun competition every time they see their gift.

Employee cook-offs

People who have good friends at work are more than twice as likely to be fully engaged. Fun team-building activities can support a work environment where healthy relationships grow and thrive.

Host a team cook-off where team members work together in small groups to prepare a meal. Provide a variety of ingredients and a limited timeframe. Promote creative thinking, cooperation and decision-making as they collaborate to create delicious dishes. Give each team poplin chef hats and aprons to wear during the cook-off so everyone looks the part. After the cook-off, everyone can enjoy a shared meal to help foster workplace friendships.

Hold a vote for the most popular dish, and reward winners with a fun prize. A bamboo kitchen tool set in canister or marble cutting board makes a great gift for the winning team. They’ll smile and think of their workplace every time they use their cooking accessories to continue the culinary adventures at home.

Group volunteering

Sixty-seven percent of Canadian nonprofits are short on new volunteers.

The good news is your organization’s employees can help fill the gap while also building a stronger team. Organize an employee volunteer day where team members work together to support a charitable cause. Give each participant a traverse leather lanyard with a metal name tag to identify your organization and also help employees feel more bonded.

Choose a project that requires group coordination, like building a community garden, organizing a fundraising event or refurbishing a local school. On top of building team bonds, these types of activities also foster a sense of purpose and pride in the community.

As a keepsake giveaway for team building, hand everyone a group picture from the day in a branded photo frame. They can display it on their desk or at home as a heartwarming reminder of doing good – together.

Interactive workshops

Offer interactive workshops or training sessions that require teams to learn and apply new skills as a group. Choose workshops with a focus on creative problem-solving, communication techniques or innovative approaches to work.

Ask everyone to jot down their top three takeaways. A memo notebook and soft touch stylus pen are helpful notetaking tools that will also remind them of what they learned. Encourage teams to share their knowledge and insights, fostering a culture of continuous learning.

Random pairing challenges

Implement a program where employees are randomly paired up to work on a task or project together. This encourages individuals from different departments to exchange ideas and build relationships, while also promoting cross-functional understanding among teams.

A giveaway for team building, like a pair of laser-engraved Klean Kanteen^® rise tumblers or matching fruit infuser glass water bottles, makes a great gift for participants. For an added touch, toss in a favourite drink recipe plus the ingredients to make it.

Escape room challenges

Gather teams to solve puzzles and work together to “escape” with an escape room challenge. Escape rooms, especially those geared toward corporate events, promote problem solving, communication and collaboration, all while giving employees an exciting and memorable experience. Schedule an in-person, virtual or even hybrid escape room experience specifically designed for teams.

Get teams in the brainstorming mood with a branded Rubik’s Cube^® or robot cube puzzle. Looking for an employee giveaway idea perfect for after the event? An LED key light (shaped like a key) will remind participants that each member of the team is “key” to your success. Keep the conversation going post-event by giving everyone a wooden nickel token, good for an after-hours beverage and some great discussion.

Treasure hunts

Throw in an element of fun and adventure with a treasure hunt. Give each participant a stow and go backpack filled with useful items for the hunt, like a multifunction pen and an adventure bottle with flip straw lid.

Map out the treasure hunt within the office or at an outside location. Divide employees into teams and provide clues and riddles that require collaboration to solve. Diamond stress relievers and gold bars (of chocolate) make fantastic pieces of treasure.

Employee giveaway ideas to promote teamwork

Incorporating team-building giveaway ideas into your organization’s group activities can be an exciting way to promote participation. With these fun ideas, you’ll not only enhance team performance and productivity, but also create an environment where professional friendships thrive.

Trademarks:

Klean Kanteen is a registered trademark of Cressline Dist. Co. CORPORATION CALIFORNIA 4345 Hedstrom Way Chico CALIFORNIA 95973

Rubik’s Cube is a registered trademark of SPIN MASTER TOYS UK LIMITED PRIVATE LIMITED COMPANY ENGLAND AND WALES Secure Trust House Boston Drive, Bourne End Buckinghamshire UNITED KINGDOM SL85YS

Woodwick is a registered trademark of Smith Mountain Industries, Inc. CORPORATION DELAWARE 1000 Dillard Drive Forest VIRGINIA 24551

4imprint is an IAEE Preferred Partner. Learn more about IAEE partnerships here.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Team-Building Giveaway Ideas and Activities to Fuel Camaraderie appeared first on IAEE.

Originally published by Risk Strategies

Events outside your control can bring your business to a screeching halt. After one of your best quarters, a wildfire could engulf your warehouse in flames. A hurricane could destroy your hotel’s roof, forcing you to shut down for weeks, costing millions of dollars in potential revenue.

Business interruption (BI) insurance is a business owner’s best friend when that worst-case scenario hits. Here’s a guide to BI coverage – what you need to know, and do, to keep your company on track.

What is business interruption (BI) insurance and what does it cover?

When disaster strikes, business interruption (BI) insurance can replace profit and fixed expenses. To be covered under a BI policy, your business pause must relate directly to physical loss or damage. Further, the loss or damage must be caused by a loss event listed in your commercial property insurance policy.

Things BI can cover can include:

• Profit reimbursement
• Fixed costs
• Temporary location (if circumstances force relocation)
• Extra expenses needed to keep the business operating after the shutdown
• Employee wages/payroll
• Loan payments due during a pause in operations
• And more, depending on company-specific needs and circumstances

What events can trigger BI coverage?

Business interruption risks range broadly – from heavy rain causing water damage that shuts you down for a week to ongoing wildfires pausing operations for months. In the past three years, unprecedented BI losses have stemmed from:

• California wildfires
• Severe weather events, including hurricanes, floods, and freezes
• Riots
• Losses resulting from construction defects
• Fires and explosions
• Tornados
• Equipment failures

BI is not cut and dry. All these perils could impact your business. By working with a team of experts, you can understand the complexities within your policy and make sure you’re covered.

4 key steps to take before a BI loss

Pre-loss claims management can be just as important as how you handle your claim after a loss. Set yourself up for business interruption coverage success using the following tactics:

#1 Review your business interruption insurance policy

Go through your policy page by page. Ensure it makes sense and that your business will be able to survive catastrophic scenarios under your written coverage. Look at it from all angles and assess the language using multiple interpretations.

For added assurance, consult outside or internal counsel, including your broker and underwriter.

#2 Understand property and business interruption values

Carriers require a BI worksheet and statement of values prior to renewal. You can’t change the documented values of property or BI-covered assets at the time of a loss, so ensure that values are always up to date. Assess the values at every renewal to account for inflation, acquisitions, etc.

While the loss will not be adjusted based on the BI worksheet, it’s important that location allocations reflect each location’s revenue and expenses for probable maximum loss (PML), maximum foreseeable loss (MFL), and catastrophe (CAT) exposure analyses.

Conduct a “what if” analysis to determine the potential costs to your business under different scenarios. Quantify financial and operational risks as you think through each scenario. For example, if you can transfer calls to a different call center if one center is damaged, how much will your business be affected? Could you continue shipments from a different location if one distribution center is flooded?

These assessments, alongside consultations with your broker, will help you make informed decisions about what type of BI insurance and limits your company needs.

#3 Establish claims management protocol, disaster recovery, and contingency plans

Work with your team to determine what will happen if an event occurs. Institute guidelines that will protect your employees and your customers and keep your business running as smoothly as possible.

#4 Build your team

Put your team together before a loss. That way when something happens, you can start the claims process immediately and keep your business afloat. Best practices call for internal and external professionals:

Internal

• Risk manager
• Operations
• Finance
• General counsel

External

• Insurance broker
• Forensic accountant
• Engineer/contractor
• Outside coverage counsel (if no internal counsel)

Named adjuster

If your business is bigger and you have the ability, establish a named adjuster in advance of a loss. The adjuster can be pre-determined and agreed upon by the insurer and the policyholder. This helps ensure you’ll work with an adjuster you trust and who knows your business.

Business interruption claims best practices

The early days after a business interruption event are key. These 10 steps can make the claims process smoother:

1. Be the squeaky wheel, especially with catastrophe (CAT) claims. Get the adjuster there ASAP with your team.
2. Set a tone of cooperation. Meet with the adjuster and provide access to anything they need.
3. Assume responsibility for measuring your own claim. Put your team into action (forensic accountants, engineers, and so forth).
4. Form a claims strategy. Determine the outcome you want. If your factory burns down, do you want to build it in same place or relocate? Or would you like to change the interior of the building? You will need to calculate any cost difference.
5. Establish strategic communications with the adjuster. Document everything. Send all agreements and discussions in an email to make sure they’re on the same page.
6. Schedule regular meetings with the adjuster, especially when dealing with large and complex losses.
7. Make frequent and supported requests for interim cash advances. Prepare pro forma claims early, if needed for cash flow to maintain business operations.
8. Develop and communicate to the adjuster a rebuild plan and period-of-restoration plan.
9. Maintain open communication so there are no surprises. Keep the adjuster informed of major decisions.
10. Seek approval for expenses

Strategies to help settle a BI claim

Business interruption claims are complex – filled with projections, assumptions, and “what ifs”. Settling a BI claim requires managing expectations, heaps of evidence, and a willingness to negotiate. Claim settlement can be cooperative yet tense at the same time.

Understand the unique facts and circumstances surrounding your claim and policy. Make sure to support everything with documented proof. You’ll have a better chance of success if you consider the viewpoint of the insurer. Understand the strengths and weaknesses of the claim and anticipate where they might push back.

Here are some of the documents insurers may request to substantiate your claim:

• Profit and loss (P&L) statements
• Sales and production records
• Purchase orders
• Invoices
• Payment records – credit card statements, canceled checks
• Payroll records
• Budgets and historical information
• Tax returns
• Lease agreements
• Contracts and agreements

They may require additional documentation to measure the claim.

When you reach the negotiating table and are face to face with the insurance company, resolve your differences item by item. The carrier may soften after finding areas of agreement elsewhere. Compromise can be a beautiful thing. If neither side is willing to compromise, it could lead to appraisal or litigation – both costly and lengthy processes.

If you prepare a credible claim, you can get paid more quickly, and all parties are happier.

Survive and thrive after a crisis with BI coverage

A natural disaster or an equipment failure doesn’t have to derail your business. By working with an experienced team and adopting key BI strategies, you can get the coverage you need to come back better than ever.

About the Authors

Mike Bostley handles large and complex property claims nationally, including those for business interruption.

Peter Fallon, National Property Practice Leader at Risk Strategies, helps companies structure and place property and business interruption insurance programs.

Amy Hahn, a Certified Fire Protection Specialist (CFPS), assists clients in identifying property-related risks and ways to mitigate them, including analyzing exposures to catastrophes.

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

The views and opinions expressed by blog authors are those of the authors and do not necessarily reflect the official policy or position of the International Association of Exhibitions and Events®. Any content provided by our bloggers or authors are of their opinion. All content provided on this blog is for informational purposes only. IAEE makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. IAEE will not be liable for any errors or omissions in this information nor for the availability of this information.

The post Business Interruption Insurance Essentials appeared first on IAEE.