Protect Your Pennsylvania Business with Risk Management Insurance
Every business faces a certain amount of risks each day. However, there are ways to prevent some kinds of losses or at least lessen the effect they have on your business. Effective Risk Management Insurance in Pennsylvania not only makes your company more efficient, it can insure a brighter and more profitable future. However, some businesses fail to see the importance of managing risks, and may end up paying dearly for this oversight.
Let's take Jim for an example. His building insulation manufacturing business had done so well he opened up another plant in South Florida, to be near the booming housing market. Some of his associates warned Jim about starting up a plant in a hurricane prone market, but he reasoned that this would not be a problem, and was willing to assume the risks involved. In fact, he was able to save a significant amount of money by taking out an extremely high deductible and assuming most of the risks. After 5 years, he would pay the higher rates and get a lower deductible. This was a risky proposition, but Jim decided to roll the dice.
Things went well for three years, but on the fourth year, a category 4 storm swept over the manufacturing plant and totally destroyed it, along with Jim's dreams. Had Jim thought to hire the services of a loss control consultant, this would not have happened.
What is Risk Mitigation Insurance?
Risk mitigation or reduction insurance protects you against business losses. Any time there is a risk factor to consider, you can do things to lessen the risk and the impact it could have on your business. In addition, not all risk insurance comes in the form of a policy from an insurance provider. It can be in the form of expert risk management advice.
Who Needs Risk Management?
Every business needs some kinds of risk management. This includes small home businesses, garages, retail shops, and major corporations that serve an international clientele. Without this kind of insurance, recovery from losses could be almost impossible.
Are There Standard Risk Management Policies?
If you went to an insurance agent and asked for a standard risk management policy, you may not find one, and for good reason. What is considered a risk for one business may not be a major risk factor for another. Naturally, most businesses need basic coverages such as:
Risk Management Insurance Options
Depending on the nature of your business, your options could include:
- Cargo insurance - covers your products in transit
- Umbrella coverage - deals with major liability issues and unusual circumstances
- Equipment breakdown coverage
- Loss of income or business insurance
Because there are so many variables to consider when it comes to successful risk mitigation, the only way you can be sure you are fully protecting your business, is to hire a loss control consultant. This way, you have Risk Mitigation Insurance tailored to your specific needs.
Do I Really Need a Loss Control Consultant in Pennsylvania?
If you know all there is to know about business and risk management, you may be able to assess all of your business risk factors and take the necessary steps to minimize and deal with risks. However, most people do not have the necessary qualifications. That is why they hire experts like Tom Conigliaro at Joyce, Jackman & Bell Insurors.
Tom has an extensive background in financial services, along with 25 years risk management experience. With Tom, there is no guesswork involved. He utilizes important risk assessment tools like:
- Strategic inspections
- Surveying key management personnel
- Personnel interviews
- Team effort from the agency producer, account manager, and commercial lines team
After assessment you'll have a risk management plan based on three important factors.
- Your goals
- Financial environment
- Tolerance for risk
Your risk management professionals will check out your current insurance coverage to see if there are any gaps or inadequacies that could lead to problems in the future. All aspects of your company's risk factors will be evaluated like:
- Supervisor accountability
- Fleet management
- Officers and directors liability
- Building and structural insurance coverage
Joyce, Jackman & Bell Insurors is not just a Risk Mitigation Insurance provider. We are an independent agency that can draw upon more than 45 A rated insurance companies. You can rest assured that your rates will be among the lowest in the industry for your business. With a risk management professional like Tom Conigliaro on your team, you will enjoy peace of mind knowing that all areas of your business are protected from losses and this gives you the highest chances for a successful future. Contact us at 866-421-RISK (7475) to discuss your Risk Management Insurance needs.