By Gordon B. Coyle
InsuranceNewsNet
The goal for any business, large or small, is to make money and earn a profit while minimizing any risks that could potentially derail that goal. Company leaders go to great lengths to keep everything on track in order to prevent losing money, but who do they turn to for help with minimizing risks? Agencies like yours.
Certain incidents can cause companies to suffer financially, whether it is property damage or a liability issue. Can your agency help if a business owner comes to you for risk management assistance?
If your agency performs risk assessments for small businesses, it’s not only important to provide top notch service, but also supply information available upon request. Nothing is more important than to build solid relationships with clients on a foundation of trust. Risk assessments can involve many different aspects, so you’ll want to have the information and resources available for new clients as well as the reasons why they should work with your agency to begin with. It’s also necessary to inform clients how and why your risk assessment will help their business stay in the black – and out of the red – given the nature of our economy.
Following is a 4-step method for finding risk management solutions:
1. Identify and assess the threats.
2. Assess the vulnerability of assets (employees, equipment) to threats.
3. Determine the risk (consequences).
4. Create strategy to minimize/eliminate the risk.
When a potential client walks into your office for risk management help, tell them what differentiates your agency from the rest. Here are some aspects to consider:
> Are your rates lower than others?
> Do you work faster? Can your assessment be done in just one day?
> Have any special packages or benefits for certain types of businesses?
Basically all businesses need a comprehensive and proper risk management solution in order to avoid property damage or liability issues, creating a market filled with opportunities you can capitalize on.
When someone comes to you looking for assistance, make sure you’re prepared. Whether your client is involved with manufacturing, wholesaling, or technology, it’s important clients can trust you to help them manage the risks in their building.
Gordon B. Coyle, CPCU, ARM, AMIM-President, is a 30-year veteran of the insurance industry, Gordon Coyle has extensive experience working within the mid-market business sector; helping to reduce risk, prevent loss and lessen costs through a unique and diagnostic risk management process. He has earned the Chartered Property Casualty Underwriter (CPCU), Associate in Risk Management (ARM) and Associate in Marine Insurance Management (AMIM) designations. Coyle participates in educational lectures aimed at niche industry groups and provides his own sought-after seminars on effective risk management solutions, insurance topics and general business issues.
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