Excalibur Insurance

Weighing Your Options

November 5, 2021

Share:

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:

  1. Your broker helps you identify your insured, and uninsured risks.
  2. Your broker analyzes risk probability and severity.
  3. Together you prioritize risks as urgent, important or can wait.
  4. 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.