In today’s business environment, recouping lost revenues and costs associated with everything from property damage and business interruption to product recalls, employee theft, and potential litigation can strongly impact your business’s ability to maintain competitive advantage, meet shareholders’ expectations — even maintain the confidence and support of your board of directors.

With regulators, shareholders, and the public at large scrutinizing business leaders as perhaps never before, your ability to manage an unforeseen event or crisis, accurately quantify losses, and maximize insurance recoveries is increasingly important.

What Will You Say When They Ask What Happened?
Given the realities of running a major organization today, business leaders should ask the following questions when they must file insurance claims, become a party to litigation and other disputes, or face product recalls and other unforeseen events:

• Have I already established the necessary accounting and technical protocols to measure and track the extent of my losses?
• Do I understand that the failure to promptly document losses can limit recovery later?
• Can I recover lost revenues and other expenses resulting from the event?
• How can I present my claims to help ensure the maximum recovery from insurers and third parties?
• Do we have the ability to investigate and uncover fraud and employee malfeasance?
• Do we have the necessary expertise to conduct financial investigations?
• If we are sued, how can we prepare to mitigate the damages? How can we be sure the damages the claimant is seeking accurately reflect actual losses?
• Do we have the requisite understanding of technology to extract, authenticate, and preserve digital information?