The phrase “think globally, act locally” is often used in business and public policy, highlighting the principles that encourage individuals and communities to consider the impact of their actions on a global scale, while taking practical steps to make a positive difference in their immediate surroundings.
For those who work in construction, manufacturing, real estate, education, and transportation, this phrase has taken on greater meaning in recent years. These industries in particular are being required to consider the broader implications of their choices and decisions, especially in relation to business strategy, the environment, safety of people and property, social issues, and the economy.
As an example, at the Wharton/Penn Risk Management and Decision Processes Center, policy analysts actively debate the interplay between dramatic growth of electric vehicles in China’s cities (a local symbol of clean energy), and its immediate demand for coal-generated electricity, resulting in rising carbon emissions (a global issue). In the NY Metro area, many businesses were affected by regulations to reduce single-use plastics, which had a positive impact on the local marine environment. However, by banning plastic straws and bags, for example, businesses were forced to use alternatives like paper, the production of which could actually increase global levels of CO2 emissions.
For many businesses involved in real estate, construction, and education, it’s second nature to act locally and support community growth. They recognize inherently the importance of working at a local level to make an economic, social, and environmental impact. As these businesses cause change within our smaller communities, they contribute more and more to larger global goals. This ripple effect can be seen in businesses that support local environmental initiatives and institute sustainable practices. Manufacturers, distributors, and transporters in particular are focused on global impact as they deal with entities far and wide, making it imperative for them to navigate from local to national to worldwide in areas relating to transportation and shipping, safety and liability, ecology and sustainability. And every business with employees and property must protect these assets in a world with constantly evolving environmental, economic, social, and safety factors. By focusing on local actions, business leaders promote positive change in their immediate market or environment that expands outward into the greater world.
Thinking Across the Universe
In a global economy, businesses involved in construction, real estate, manufacturing, and supply chain management need to think beyond local to consider different levels of development. These sectors require proactive Advisors in risk management, employee benefits, and insurance coverage who can bridge the world-to-community scale. For example, New York is the most difficult state and city in the US for contractors to get insurance. And Long Island is considered a CAT exposed part of the country and one of the most difficult markets to secure property insurance, particularly for those with property that is of higher value or located in the East End.
For these businesses and property owners, it’s critical to have a local Advisor who not only has intimate knowledge of the area market, but who is part of the same community and invested in its success—as opposed to public or private equity owned brokers that tend to focus on national corporate goals. There is a distinct advantage to using an insurance Advisor who offers local knowledge and commitment along with global connections and resources.
Industrial Coverage (ICC) is tasked to do this every day by serving clients locally with dedicated, hands-on Advisors who help ensure their safety, security, and success in a wider sphere. We specialize in protecting your people and property through customized risk management, insurance, and employee benefit plans. ICC brings a world of options to clients through our well-established partnerships with over 30 of the world’s top-tier insurance carriers.
Extending across multiple industry sectors, ICC currently manages $1.5 billion in property value protection for schools and libraries, with $2 billion in property and equipment insured for manufacturing and supply chain entities, and safeguards $8 billion in insured property values for construction and real estate partners.
Concurrently embracing the company’s community commitment, Executive Vice President Michael J. Romeo II was recently selected as the Promise of Hope Ambassador of the Year, serving as a leader in creative solutions to empower communities in the Greater New York metropolitan area.
So, how can a firm operate in meeting Wharton/Penn’s risk/decision challenges, while serving the needs of its community of clients? As a steward of a family-operated business with global reach, Michael encourages us to “think globally, act locally, and connect personally.”
Taking the first steps to better risk management and protection for people and property can be challenging, but having a globally informed and locally focused ICC Advisor beside you along the way makes the path a lot clearer.
Sources:
- Mikulska, A. Think Globally, Act Locally,Think Globally Again. Policy Paper, Wharton/Penn Risk Management and Decision Processes Center, available at:
- Christoph Buchal, Hans-Dieter Karl, and Hans-Werner Sinn. Carbon engines, wind engines and diesel engines: what does the CO2 show? (translated).In:FORSCHUNGSERGEBNISSE, Schnelldienst 8/2019 72.Jahrgang 25. Available at:
https://www.ifo.de/DocDL/sd-2019-08-sinn-karl-buchal-motoren-2019-04-25.pdf
