You Need a Risk and Insurance Advisor If:
1. You don’t feel you have control over the increasing cost of your insurance program. Even if your premium is staying level, how does that compare to changes in the market? The insurance market is cyclical and goes up — and down!
2. Your insurance program hasn’t been competitively bid in the last three years. Insurance brokers go for “lock-in” where they squeeze other brokers out, or control the process even if you do approach another broker.
3. You are within 60 days of your program renewal date and don’t have a firm written proposal from your broker. One of the insurance industry dirty tricks is last minute proposals to keep you from taking evasive action.
4. You’re not comfortable that you understand your risks and whether you are covered for them. How could you know what is in the fine print? Your broker doesn’t know what’s buried down there either!
5. You’re actively involved in acquisitions or divestitures. Are you buying another party’s risk and liability? Is a buyer trying to have you indemnify them?
6. You’re in a rapidly changing business. Risk is evolving constantly anyway – if your business is also, the exposure increase becomes exponential.
7. Your company is growing rapidly. Growth is good, but it takes up all your time, so risk management suffers. Don’t let the unexpected derail your growth.
8. You haven’t managed the flows of liabilities via contracts with customers, partners, subcontractors, etc. It is not street-smart to be the passive one, just signing the other party’s contract form.
9. You are in a turnaround mode. You want to cut costs, but which insurance policies are too important to do without?
10. You want to outsource your risk management so you can focus on your core business. Your core business is what you are expert in and where your money is made. Let us handle the risk and insurance for you.
11. You’ve had the same broker for years; and commissions are not disclosed. Broker commissions are extremely high, and you can control them.
12. You get your risk and insurance advice from your broker. Two things to worry about: 1) lack of expertise 2) conflict of interest.
13. Someone is asking you to sign a “broker of record” letter. Who wouldn’t want to be handed the business rather than earning it?
14. You only get a 5 page proposal on which you agree to bind coverage. Please consider: insurance may be the only contract you sign without seeing it! Dangerous of course – thoughtful CFO’s take action on this.
15. You have never had an independent risk and insurance advisor working for you. This is a function you should not be without. Our service will give you cost savings, coverage certainty, more time to focus on your business and — most importantly — peace of mind.