Attention Business Owner ! Do this One Thing Before You Renew Your Insurance

 

Most business owners will go through the motions of renewing their insurance portfolio with only the eye on cost savings or premium reductions. However, may I recommend that you do one step before buying your next insurance policy. Do a Risk Identification exercise for your business. How is that accomplished? There are a lot of ways to do this but here are a few suggestions:

1) Obtain a risk checklist/survey, for your business. These are readily available and can easily be used to identify areas of risk you may not have thought about. 

2) Review your flowcharts and operational processes to make sure they don't expose the company to hidden and previously unidentified risks.

3) Read your contracts. Yes, even the ones you have already signed. Many business owners and managers sign vendor and subcontractor contracts without reading them. Many contracts contain large risks and exposures for the business.

These are just a few things that can be done for a risk identification process. The reason you should do this before renewing your insurance is to get better coordination and effectiveness of your insurance portfolio. Knowing your business risks and using the insurance coverage to mitigate or reduce those risks is what the identification process is all about. 

Reach out to your risk & insurance professional as they can help you with this process. Until next time be careful out there and know your risks.

Posted by: 

G. Kevin Nemith CIC. CRM  

Agency Leader for Hilb Group of Delaware, a division of  Hilb Mid-Atlantic Group and Hilb Group

knemith@hilbgroup.com

Top 15 insurance brokers and risk managers in the USA. 

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