From Witch Hunts To Cursed Contracts: A Spooky Guide To Business Risk

Unfortunately, in the real world, business threats aren’t always so obvious. Instead, they’re silent and difficult to discern, more like a creeping fog. That’s what makes them so dangerous: you don’t see them coming...until suddenly they’re there. Boo!

In this spooooky guide, we unearth the monstrous yet unassuming business threats that go bump in the night. Read on...if you dare.

1. Skeletons in your closet

In your closet, there might be plenty of skeletons that are no longer working for your company – think outdated systems, unresolved compliance problems, or shaky IT infrastructure. We get it; with the past few years having been tough for all businesses, your switch might still be in ‘react’ mode, but now’s the time to start getting these neglected areas up to speed.

2. The haunted office

A toxic – or neglected – workplace culture is the true horror story of modern times. Burnout, disengagement and presenteeism can quietly erode productivity and morale, leaving you with a workplace that go through the motions but aren’t really there – much like an army of zombies.

3. Witch hunts

When things go wrong at your company, it’s easy to allocate blame (and it may be well-founded) – but this doesn’t actually solve anything. Mistakes happen in business, and when they do, you should allocate your resources to recovering and strategising for success. Remember, witch hunts not only damage worker trust but can even create a fearful environment where employees are afraid to speak up or contribute.

4. Cursed contracts

Does your company truly and fully understand all its policies? Ambiguous wording, vague terms and long-term liabilities can come back to haunt your business. On the surface, these things might seem tedious admin at worst, but the truth is that cursed contracts can leave your business exposed and vulnerable in its time of need. So, if your policy’s making you scratch your head, check things out with your insurer before things get truly hair raising. 

5. Zombie projects

A business’s resources – time, energy and finances – are finite, which is why it’s so important they’re well-spent. Zombie projects are initiatives that your business has been running that don’t have a clear direction or measurable ROI – yet they remain alive, dragging down teams and budgets like the undead.

Some graves are better unearthed

Every business has its blind spots, those risks that aren’t obvious until they start causing problems. But insurance isn’t about reacting; it’s about revealing what’s hidden so you can address it as soon as possible...rather than waiting for a hand to shoot out of the soil.

Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems, we recommend that professional advice be sought.