Archives for May 2018
RISK EDUCATION – You might think you can save a lot of money by handling your own Risk Management and dealing with your company’s insurance renewals—but the opposite is true.
Not only is it dangerous for those without experience in Risk Management to be handling their own programs, you’re actually missing out on savings that could add to your company’s bottom line—a nice find before next year’s budget time.
By using a true Independent Risk Manager and having your risks (and insurance renewals) handled on a contractual basis, you could offset the cost of your program with lower premiums.
The Two Biggest Threats To Your Company
UNINSURED – Having no insurance.
UNDERINSURED – Not insuring your products, assets or operations to their true value.
Being uninsured or underinsured can destroy your company.
If you are uninsured, you will suffer a total loss.
If you are underinsured, you will most likely suffer a severe co-insurance penalty.
Other Dangers Include The Failure To Properly Quote:
- Correct Limits – You must accurately designate the amount of coverage needed to replace your company’s buildings and equipment. If you’re not familiar with setting limits, you could dangerously under-value your company’s assets.
- Coverage Type – There are many types of coverages and professionals can better help you choose which best fit your needs. Coverages include “All Risk,” “Replacement Cost,” “All Exposures Present,” and more. If your company is located in a flood zone or earthquake-prone area, you will need to have insurance specifically designed to cover these types of occurrences.
- Financial Impairments – If you don’t list all the Mortgagees on your properties or equipment, your insurance won’t cover the loss. For example, if you are making payments to the bank on your fleet’s latest tractor-trailer and it gets stolen and wrecked—if you didn’t have the bank listed—you are going to still be responsible for ALL the payments.
With American Risk Managers handling your Risk Management Programs, you’ll never have to worry about being correctly insured.
We’ll make sure your company is safely protected from risks. If a loss occurs, you’ll be able to get the correct amount of money you need to put your business back on track. And that’s worth a lot!