Most organizations look to financial risk transfer through insurance as their first response to managing risks. Out of all the risk management tools available, insurance can often be the most expensive option. There are a number of simple things that can be done to minimize your insurance-related costs and to get better terms in the insurance market through your broker.
Often a topic for debate, the issue of insurance as a commodity sparked a great discussion on LinkedIn. I’d like to hear what you have to say in our comments section below.
A commodity is defined as a good that is the same no matter who supplies it, and can be differentiated based on price.
Is it true that all insurance is the same aside from price? How do most companies decide where to purchase their insurance?
The risk involved with social media is not a new topic. In fact, we talked about it last year in our blog post Social Media Policy: Avoiding a Death-Blow! This is still a relevant topic; with the popularity of social media ever increasing, businesses must prepare for the risks that come along with the opportunities that social media provides.
I asked the LinkedIn community “How do you handle the risk of social media in your company?” With such a great response, I had to share the discussion. Here’s what several LinkedIn professionals had to say.
Small businesses are unique in many ways. They do not have the extensive resources or knowledge-base that multimillion dollar organizations may have.
Because of this, while small businesses may face similar risks to their larger counterparts, they may be more vulnerable and thus should employ more careful mitigation strategies.
Here are the six biggest risks to small businesses and what you can do about them:
Mid-market is the most profitable and coveted segment, and therefore the most fiercely competed over. Medium-sized companies have the same problems as Fortune 500 companies, just on a smaller scale.
The problem lies in risk solutions; these solutions don't scale and small companies are unsure of where they can turn for help. As a result, medium-sized businesses do not benefit fully from risk management.Insurance brokers deal with these companies every day, sharing advice on one important aspect of risk: their insurance.
Brokers specialize in helping these same companies use broader risk management resources, tools, and services. If the brokers do not provide risk management services, others will: accountants, lawyers, and OHS and WCC consultants. Insurance brokers should talk to their clients and prospects about risk management in a way they understand.
- Craig Rowe
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