The cost of insurance to most companies is a major line item expense. Yet, with many businesses the process of identifying loss exposures and selecting the methods to protect their assets is sometimes done in a very haphazard manner, although not intentionally.
As your business grows, identifying vulnerable assets and the methods to protect those assets, has been left with the company's insurance agent. Most insurance agents try to provide the coverage your business needs. However, in order to do the job effectively, it requires more than just shopping your insurance program once per year. After all, your business changes throughout the entire year not just at renewal.
When your premiums for Insurance exceed $200,000 you probably need the services of a Risk Manager. But lets face it, full time risk managers are expensive.
Quite often, the person we call our risk manager is really our accountant or comptroller and their position is to help you manage your assets. Identifying loss exposures and treating them is more than just buying insurance. Assuming your agent knows all your exposures simply because they have handled your insurance programs for a number of years could leave your business unprotected. In addition, the true cost to your organization to shop your insurance is another expense which is sometimes overlooked. Your management team must spend a considerable amount of time from their schedule gathering all the information necessary to put together the specs needed to shop the insurance. In a lot of businesses the specs govern the insurance proposals, When in fact the identification of the loss exposures, should determine the best method to handle the transfer of risk. Insurance is just one of these methods.
Maybe your dollars and the time and expertise of your management team can be put to better use.
Some of the services we offer:
For more information on these services send us an
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Richard O. Collins, CIC, CRM, AAI
504-525-9901
La. License # 114927