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Cost of Risk & The Price of Your Risk Management Program

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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 […]

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Experience Modification: 5 Steps to Control Your Own Destiny

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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 […]

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Risk Tip: Pay more attention to loss control

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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 […]

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In Business, There is No Avoiding Risk

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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 […]

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End of Year Risk Tip: Review Contracts Up For Renewal

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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 […]

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Awareness: An Important Step To Protecting Your Business

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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. […]

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Risk Tip: Ensure proper notification is stated clearly in your policies

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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 […]

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Do you really know your D&O coverage?

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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 […]

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Risk Tip: Review insurance policies for consistency

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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 […]

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The Data Breach Outbreak: Are you prepared?

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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 […]

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