From the course: Protecting Profitability by Reducing Financial Risk

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Long-term strategy on insurance

Long-term strategy on insurance

From the course: Protecting Profitability by Reducing Financial Risk

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Long-term strategy on insurance

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- If you're like most people, developing a long term strategy on insurance seems like an odd investment of time. Insurance has been commoditized by the industry. It can seem like a temporary as needed consideration. This couldn't be further from the truth. Insurance can and should be approached as a long term strategy. Consider these best practices. Plan on keeping your broker for at least three years. Your broker should not be considered a sales person or vendor. They must be a trusted advisor. If they are anything but that, do a full search for a new broker that fits that definition. Demand an annual review. Discuss your future plans for growth in order to prepare for your growing risk financing needs. Not every year will have change, but within a three year period, there is usually something that is material to your risk exposure. Look outside the box. The most important things you should insure for are normally those that aren't required. For instance, employment practices…

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