Break The Bottlenecks With Business Insurance
The Harvard Business Review recently published an article titled “Break Your Industry’s Bottlenecks”. The concept being that to create a successful business “you have to break the rules and overturn the received wisdom about how things work.” This could not be truer when it comes to the purchase of business insurance, which is a bottleneck […]
The Risk You Don’t Know Can Hurt Your Biz
Tom Bullen speaks on behalf of Premier Risk Management now part of the risk advisory arm of AETHOS Consulting Group in the Jennings Wire podcast. Tom Bullen is with Premier Risk Management, the risk management advisory arm of AETHOS Consulting Group, a hospitality focused executive search and human capital services firm. AETHOS speaks with hospitality […]
Who, What, When, Where – Does Your Risk Management Program Dig In?
We recommend using the 4W’s as a method of digging in to better understand the operations of a business. This concept is not new and sounds simple but is often not utilized appropriately. The 4W’s concept can be used as the building blocks with a focus at all stages of operations when considering risk management. […]
Cyber Security – The Stark Reality
It’s in the news every day. Just recently there was a report of a breach at the IRS. You’d think that of all of the government entities holding personal information the IRS would be one to have an all but impenetrable and completely locked down system. In addition there is more and more media focusing […]
Business Insurance & Managing Risk: You Don’t Know What You Don’t Know
What I do know is that it is hard to admit that you don’t know what you don’t know. Recently I gave a presentation at the 2015 Business Law & Corporate Counsel Symposium. The presentation was about business insurance and managing risk for businesses, the real message I wanted to leave my audience was that […]
Premier Risk is proud to announce our strategic partnership with AETHOS Consulting Group
We are thrilled to partner with AETHOS Consulting Group in providing risk management services to the hospitality industry. Press Release: AETHOS Consulting Group Expands Expertise With Outsourced Risk Management Consulting Embarking upon an era of expansion of hospitality advisory services AETHOS Consulting Group, renowned specialists in advisory and executive search for C-Suite positions in the […]
Understand the Insurance Adjustment Process
It is not unusual for the insurance company to compile values that disagree. These differences are resolved through Claim Adjusting, or if necessary through the Appraisal procedure, a simple, inexpensive form of arbitration. However, many recent changes in wording of some policies have included striking-down the Appraisal process and instead now require parties to go […]
8 Important Points When Presenting Your Loss & Claim
In the previous post Proof of Loss: The proof is in the pudding, we shared the importance of knowing how the business insurance claims process works so you can get paid what you are due if you suffer a loss. These 8 points will help you navigate the claims process successfully. 1. Familiarize yourself with lines 90 […]
Proof of Loss: The proof is in the pudding as they say
From an insurance perspective it is important to know how you can recover when your business suffers a loss. Questions to consider when filing a business insurance claim: 1. Will your insurance coverage be adequate? 2. How do you go about getting a recovery? 3. What are your responsibilities in the process? Knowing how the […]
EEOC Playing Hardball When it Comes to Employee Background Checks
Recently some predominant companies have been in the cross-hairs of the Equal Employment Opportunity Commission (EEOC). Since the EEOC found it necessary to release new guidelines related to background checks I thought I would share various articles that can be insightful for business today and a good read for the HR departments. Additionally here are some of those specific […]
Cost of Risk & The Price of Your Risk Management Program
Every facet of your organization affects your cost of risk. It is difficult, at best, to quantify all aspects of this total cost of risk. For example, if you manufacture specialty equipment or products and you are faced with a recall, what is your loss of reputation or market share? In contrast, other components of […]
Experience Modification: 5 Steps to Control Your Own Destiny
Many times when a client engages us to become their Outsourced Risk Manager, in the interview stage we often discover that their workman’s compensation costs are high relative to the employee population and work functions. Typically we discover that the experience modification factor is high (which is commonly referred to as a “debit mod”, over […]
Risk Tip: Pay more attention to loss control
Being proactive means savings in the long run. Comment: Risk management is all about reducing and mitigating the exposure to risk which in turn reduces costs. Unfortunately we see many companies who do not focus on loss control measures until it is too late. An employee is injured, a fire occurs, an invitee trips and […]
In Business, There is No Avoiding Risk
What is something exceptionally good about mid-market companies? They are agile and hold onto their entrepreneurial spirit … in fact they are even taking lessons from the big Fortune 500’s and looking to gain a financial advantage over competitors through various strategies. A key point was recently made in a Traveler’s survey: “Business who manage […]
End of Year Risk Tip: Review Contracts Up For Renewal
As we move into a new year…a number of business related contracts come up for renewal. With that in mind, we suggest that you spend the time to review, in detail, your contracts such as leases, purchase agreements and services contracts. Comment: Many times contracts are signed without a proper review and understanding of the […]
Awareness: An Important Step To Protecting Your Business
No matter what your business is it is important to keep yourself, employees and those working (inside and outside) your organization informed of safety issues. We had a client come to us for help with a very large residential portfolio. Most of the buildings were located in New York and were garden style brick apartments. […]
Risk Tip: Ensure proper notification is stated clearly in your policies
The “notice” provision in all insurance policies should be modified to mean notice to a “specific individual”. Comment: Here is another one of those “missed” clauses. How many times have you heard a client say “I never received the notice”? Just recently a prospect was explaining to me that they received a letter from a […]
Do you really know your D&O coverage?
Whether your organization is a publicly held company, private company or nonprofit it is vitally important to have a thorough understanding of the corporate charter and its indemnification of corporate officers and directors and how the directors and officers’ (D&O) insurance policy protect their interests and that of the entity. Not all policies are the […]
Risk Tip: Review insurance policies for consistency
Insurance policy provisions should be uniform as to named insured, notice and cancellation clauses, territory, etc. Comment: All too often when reviewing policies we find that named insured’s do not match up from one policy to the next, notice and cancellation clauses are not uniform and on and on. We have reviewed thousands of policies […]
The Data Breach Outbreak: Are you prepared?
I’ve heard it said that data is the new currency. Last week, Dairy Queen reported that its in-store payment system had been compromised by malware. And last month, Home Depot had 56 million customer credit cards compromised in a data breach that lasted five months. Sears, Dairy Queen and Home Depot join such other national […]