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Manage your risk the way you manage your money

Be honest. Insurance is a necessary but not always high priority item in your business plan. Obviously, you need protection from commonly experienced losses like theft, liability, and employee injury. But your process is more than likely a “to do” than a strategic effort.

In many ways, managing your risk is like managing an investment portfolio; it’s all about balance.

You’ve done a great job growing your company. Here’s how to do a great job protecting it:

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1. Don’t let the past dictate the future.

Approach every year with fresh eyes. Labor costs, supply chain issues, industry trends, and cyber fraud threats are all inputs you need to factor in creating your risk plan. That means a comprehensive review of current coverages annually and a budget allocation commensurate with current risk exposure.

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2. Get more than a policy.

Many agencies offer proactive services to help you identify and mitigate workplace vulnerabilities, including safe use of employee email and permission-based access to customer and financial information. Use these services!

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 3. Coverage trumps cost.

Sometimes a claim that seems to be straightforward takes a turn. If you end up in court, legal fees can be significant, so leave room in your budget to absorb added costs if needed.

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 4. …but save costs where you can.

Using preventive safety and employee training practices can help you toward a reduction in your rate. Re-evaluate your deductibles on a regular basis. If you choose high deductibles just make sure your cashflow can support it. It’s helpful to understand your industry’s loss trend in forecasting the probability of loss, so seek that information from trade associations. Finally, you want (and need) to comply with all legal insurance coverage obligations, so review that annually as well.

Risk management today is more complex and more critical than ever. Help minimize your exposure by actively managing your insurance program and partnering with an experienced agent and an agency you know and trust.


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