We live in a world where insurance, liability and risk are all complex. As a result, we’ve had to become risk specialists. To handle unique, multidimensional risk management needs, business owners should engage a firm that specializes in business risk management and placement of business risk management programs, including insurance.
Agents who represent major carriers such as Allstate, Farmers, Firemen’s Fund and State Farm tend to specialize in personal lines such as life, home and health. These agents also represent the insurance company, not the insured. Talk to your insurance agent and ask: What are your specialties? Whom do you represent? What is your experience and training?
Risk management is a serious issue for companies and their owners. Failure to manage and protect against risk could cause a business to fail. The Business Owner urges you to find a trusted risk management professional who specializes in serving the needs of businesses and business owners. Sizeable firms can write many different types of coverage from many different underwriters, and have the resources and specialists to handle a variety of needs.
Find a business insurance firm you trust and that is good at what it does. Ask your peers in the community. Interview the candidates. There’s too much at stake to go with less than the best.
This article originally appeared in The Business Owner Journal, the periodical of choice for owners of small and midsize private businesses. All rights reserved, D.L. Perkins LLC. © 2012.
This publication is intended to provide general information on the subject matters covered. It is sold and distributed with the understanding that neither the publisher nor any distributor or advertiser is engaged in providing legal, tax, insurance, investment or other professional advice. The advice of a qualified professional should be sought before any reader applies a concept presented herein to his or her particular situation or business.
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