How do you weigh something, when you don’t know what you’re weighing?
Short answer is you don’t. Because if you knew it was there, it wouldn’t be called a blind spot. That’s why as a business owner, you need and insurance broker who has a clearly defined Risk Management Strategy – that’s where the options come from.
From a 10,000 foot level think of it as a 4 Step Process:
- Your broker helps you identify your insured, and uninsured risks.
- Your broker analyzes risk probability and severity.
- Together you prioritize risks as urgent, important or can wait.
- Together you implement risk reduction and placement strategies.
From understanding your Total Risk Management Costs to completing a Coverage GAP Analysis – you’re in a great position as a business owner to evaluate options for reducing risk, coverage and costs.
If you’re a small or medium-sized business – right commercial insurance involves having a broker who consults and works with you as a partner. It shouldn’t boil down to getting a quick quote, only to be blind-sided by something that you could have seen coming.
When you make decisions based on the right approach, and the right information – it’s called good business.