As a small business owner, you are used to handling all of the business management yourself. You might do the payroll, the banking, maybe even the taxes. You even went out, found an agent and got the insurance policies yourself.
Now those policies are sitting in a drawer somewhere just in case you need them. Could your insurance agent be doing even more to help you? Is your agent also your risk manager, stopping you from walking into certain peril like a Lemming?
A Risk Manager Helps You Before the Accident
Risk management is defined for insurance purposes as “The practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risks they impose.”
Business owners should be focusing on business: creating it and keeping it. Sometimes that means taking risks or doing things that are out of the ordinary. An insurance agent who is also a risk manager can be a valuable resource during this time.
Discussing your future plans with your agent can help you determine where the pitfalls of a plan or project might be. These are all questions a risk manager can help you answer:
- What are the risks of injury?
- What are the risks of financial loss?
- Are there gaps in your current coverage that would prevent you from being protected?
- Do you have the right coverages for that contract?
A Risk Manager Helps Minimize the Impact of a Loss
Inevitably, loss will occur. Whether it is a natural disaster or a man-made one, somewhere along the way your business may experience a loss.
A risk manager can help reduce the impact of this loss. Your agent has access to information and resources that can help you create or perfect a disaster plan that will cover anything from a fire to an earthquake to a terrorist attack in your area. Where will you go? How will you contact your staff? How will you get back to work?
The amount of time you are out of work due to a catastrophe is crucial. Having the insurance to protect you for financial losses and a plan to get back to work quickly can ensure the survival of your business.
Safety is also a concern in business. Do you experience a higher than normal volume of employee injuries? Do you receive a lot of legal inquiries with regard to customer injury or property damage?
A risk manager can help with these situations, as well. Resources and information are available to help you assess and improve the safety of your premises and work environment. A risk manager can also help you develop strategies for dealing with both employee and customer injuries to minimize both the severity of the injury and the potential for a lawsuit.
Risk Management is an Important Hayes Brokers Value
Your Hayes agent isn’t just selling a policy – we also want to see your business grow and your claims decrease. Our insurance risk managers offer a wealth of knowledge and information to help you succeed.