Assessing Your Risk Management Company
When a new year gets underway, it is important for a company to assess its business partners and make sure it is getting the best possible value. If you stay with a company for years out of blind loyalty, then you could be spending a lot of money you do not need to spend. Each year, you should take a look at your risk management company and determine whether or not it is doing the job you need it to do. There are a few criteria you can use to decide whether or not your company is fully protected from risk.
Do you only hear from your risk management company when it is time to pay your insurance premiums? A proactive risk management organization is in constant contact with its clients to determine any changes that have been made to the client’s business operations. One seemingly small change could result in big problems if it is not addressed properly with risk mitigation products. If your risk company is not contacting you on a regular basis, then it may be time for a new company.
Along with regular communication, a good risk management firm does comprehensive audits to make sure that all of the proper protections are in place for every aspect of your business. Audits can be done annually, bi-annually, or quarterly, and they usually take a few days to complete. It is impossible for your risk management company to understand your business if they do not know exactly what protection you have in place and which protection you need.
We pride ourselves on taking the time to educate our clients on their risk needs. Without the proper education from your risk management organization, you have no idea how to identify potential areas of exposure. Education can come in the form of resources sent or given to a client on a regular basis, or actual seminars held for the client by their risk management group.
Your Bottom Line
A good risk management company does everything it can to keep risk mitigation costs as low as possible. Changes in the company’s operations could open up opportunities to lower insurance costs and put more money on your bottom line. A risk mitigation organization works to keep its clients in business by reducing risk. But part of keeping clients in business also involves making sure that the maximum coverage is received for the minimum costs.
Do you call your risk management company for advice on business operational issues? If you don’t, then you should. If you do, you should be getting prompt responses and good advice that will help you to run your business efficiently.
We encourage all of our customers to assess our performance from year to year to decide if we are providing the highest quality service or not. As a risk management organization, it is our job to make sure that your company stays in business in the face of financial disaster. The last thing that we want to be is a potential source of financial problems. Take the time to evaluate your risk management company every year and make sure that you are getting the high quality service you are paying for.