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Risk Management


As business owners you must always be working hard to protect yourselves. One aspect of this is your risk management practices.  The risk management philosophy of your company will determine the amount of risk the company holds in house vs. the amount that you transfer to an insurance company.  The key to successful risk management is to keep the number of claims at a manageable level to avoid increased premiums or unavailability of insurance coverage. 

Below are a few tips for keeping your insurance portfolio healthy and marketable in today’s ever changing economy.

By increasing deductibles you can save money on premium as well as alleviate the temptation to utilize the policy as a maintenance contract.  When choosing a deductible you should decide what you would be comfortable in paying for on your own.  Once you know this, set your deductible accordingly. For example: If you decide that you would repair all building damage of $5,000 or less do not choose a $1,000 deductible.

You should order drivers abstracts on all of your drivers annually.  This tool is helpful to make sure you have the best possible driving records. Choosing drivers with proven track records will cut down on frequency of incidents.

You should be keeping detailed maintenance logs of all vehicles, equipment, and buildings.  Documentation becomes very important in disproving negligence.

You should increase your liability coverage limits. If anything is going to shut down your business it will be a large court settlement against you. The trend across the country is higher awards by the courts.  Ensure you are adequately protected.

Be sure to seek advice and purchase insurance from those who understand your business!