You’ve done your due diligence and obtained insurance policies for your business. But, often times that’s not enough to ensure you’ve got the right coverage in place to best protect your people, your business, and ultimately, your bottom line. Our Managing Principal, Al Sica, offers excellent guidance to both business owners and individuals in his article “Insurance Coverage Purchase Strategies.”
Policies have subtle nuances, can have vague language, and varied, yet stringent clauses for when notice needs to be provided.
The recent LinkedIn article by Amy Elizabeth Stewart, Managing Principal, Amy Stewart Law, calls out seven key insurance pitfalls that can be avoided.
Stewart cites “failing to implement a continuous risk management review process” as a major, common, but avoidable, mistake.
Risk management involves more than simply purchasing insurance. Without a proper risk management process and strategy, businesses run the risk of exposure to losses, claims and lawsuits, as well as not having the proper insurance coverage.
Having an independent third party advisor perform a Risk Management Assessment (“RMA”) is a good “kick the tires” approach to a forward looking risk management plan. Our RMA is designed to provide and in depth analysis of our clients’ business operations and its insurance program to identify areas that leave the organization materially exposed to loss.
Click here if you’d like help in reviewing your insurance policies, would like to perform an RMA or to request more information about The ALS Group.
