What Does A First-Time Enterprise Risk
Management Candidate Think About?
By Tim Finster, Vice Chairman
I get this question all of the time. What is Enterprise Risk Management? How does someone know if they would benefit from it? Why would I be interested in Risk Management?
The answers are really very simple. Consider the following.
As a consumer, have you ever wondered if you left money on the table as soon as your agent finished renewing your commercial insurance policies? Want to know how much that could be?
Have you ever wondered why your rates are going up when you haven’t had any claims activity? Who’s getting the extra money?
Have you ever considered what it would mean financially to remove yourself from the general insurance buying pool and buy your coverage based only on your own claims experience? Will you save money?
If the answers to any of these questions are yes, then you probably need to explore the world of risk management and take the next step. Here’s the good news. You are thinking about the right things. That step will help you answer these questions. If you are good at what you do and manage all aspects of your company with attention to detail and quality, you are a candidate. If your company is financially strong and has historically low claims experience, it is a candidate. If you are paying your insurance carriers more than $125,000 for your property/casualty insurance and more than $150,000 for your worker’s compensation and you are thinking about betting on yourself, check it out.
ERMIS offers answers to all of these questions and helps you develop a strategy to take advantage of your situation, assuming your situation warrants action. A thorough evaluation of your unique exposure issues, your claims activity, business practices and insurance solutions will give you your answers.
Contact ERMIS for a confidential, non-threatening evaluation of your business, and wonder no more. If the strategy fits you will know it. And if it doesn’t, you can quit worrying. You’ll have your answers.