Category Archives: Risk Tips

Risk Tip: Pay more attention to loss control

Post Image

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 […]

Continue Reading...

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

Post Image

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 […]

Continue Reading...

Risk Tip: Review insurance policies for consistency

Post Image

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 […]

Continue Reading...

Risk Tip: Strategy to identifying business interruption exposures

Post Image

Use flow charts to identify sole source suppliers or other contingent business interruption exposures Comment: Assessing business income exposures is not always easy. So consider how helpful it would be to draw a map or create a chart of how goods and services flow. That way you can visualize your supply chain. Ask yourself, what in […]

Continue Reading...

Risk Tip: 2 important tenets of risk management

Post Image

Don’t risk more than you can afford to lose…& don’t risk a lot for a little. Comment: These two are both basics – the first refers to the idea that if you don’t have enough money to pay for the exposure to loss (risk) out of your pocket/balance sheet, then insure for the risk, transfer […]

Continue Reading...

Risk Tip: How to tailor a risk management program

Post Image

An organization’s risk management (insurance) program must be tailored to its overall objectives and should change when those objectives change. Comment: An insurance broker/advisor cannot recommend insurance products and services without knowing what the client actually does, how they do it and what is important to them with regard to their insurance program. Once it […]

Continue Reading...