Insurance is a key component of risk management and should be strategic. As with any long-term planning, the financing of risk should play a part in decision-making. This video provides examples of how to include financing of risk in long-range planning.
- If you're like most people,…developing a long term strategy on insurance…seems like an odd investment of time.…Insurance has been commoditized by the industry.…It can seem like a temporary as needed consideration.…This couldn't be further from the truth.…Insurance can and should be approached…as a long term strategy.…Consider these best practices.…Plan on keeping your broker for at least three years.…
Your broker should not be considered…a sales person or vendor.…They must be a trusted advisor.…If they are anything but that,…do a full search for a new broker that fits that definition.…Demand an annual review.…Discuss your future plans for growth in order to prepare…for your growing risk financing needs.…Not every year will have change,…but within a three year period,…there is usually something that is material…to your risk exposure.…
Look outside the box.…The most important things you should insure for…are normally those that aren't required.…For instance, employment practices liability,…cyber liability, pollution, errors and omissions,…
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