umbrella_riskI will never forget last year’s May Day protests. My wife Barb and I were in New York City and sat in Bryant Park watching protesters peacefully march with signs around the Big Apple. The New York City Police were out in force, looked serious about their jobs, and everyone stayed cool, calm, and collected. We never felt like we were in danger, nor felt fearful. Imagine our surprise when we returned to our hotel and saw our very own Seattle on the news. May Day riots were out of control in the downtown area with protesters smashing windows and setting cars on fires. I couldn’t believe what I was seeing. Here I was safe and sound in one of the biggest cities in the world, and my relatively small hometown was being ravaged.

This year, things are different. The police have already started preparations and are sure not to be caught flat-footed again. In addition, businesses are being much smarter. I just saw a push notification on my phone indicating that US Bank in downtown Seattle was closing up shop at 3 pm due to the expected protests. They made a decision in the best interest of their customers and employees. While they might not be able to prevent damage to their building, they do have control over the people  they serve and employ. While it might be a slight disruption for customers, my guess is that it pales in comparison to anyone being injured.

The lesson for you as a business owner is this…

You need to learn from history. I can’t tell you how many times in my years as an insurance agent and consultant, where I have seen business owners ignore history and trends to their detriment. For example, if you have a fleet of cars that continually racks up rear-end accidents, and you take no preventative action to educate and/or discipline your drivers, you will fall victim to larger self insurance costs, higher premiums, and loss of production and revenue. In this case today, US bank knows it’s located right in the heart of the rally. They know that banks are a target. They saw what happened last year. They made a decision to avoid calamity in the places they can control. Kudos to them.

You need to be skilled at spotting trends. If you have a strong, professional relationship with your insurance agent, they should help you. This is an area that consultants are invaluable. The net result of learning from history is that you don’t repeat the bad stuff; only the good stuff! At least one business in downtown Seattle has figured it out. Have you in your business?

© 2013 Dan Weedin. All Rights Reserved

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