Commercial Risk Management Approach
“Buying insurance is not the only way to address a potential exposure…”
Three of the more typical approaches to dealing with a firm’s exposure to risk are as follows:
- Risk Transfer; for example, contractually obligating another party to assume or insure a specific part of an exposure.
- Self Insurance; by assuming a larger portion of the less severe but more frequent losses.
- Buying Insurance, the traditional method, but it is critical that your needs be carefully assessed here as it is very easy to be insurance rich or poor……both situations always cost you money…….sometimes your business.
From new locations to a change in product or services to the outright purchase of another company. There is literally no move that a firm makes through its growth & evolution that does not come with an insurance implication.
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