It is a common theme I hear from many entrepreneurs “the economy is very bad, it may take years to improve, but I plan to survive this mess.”
When asked about what is their plan of action to come out a winner even though these are difficult economic times, here are some of their replies:
- Take the time to analyze what I am doing and how I am doing it, so I can improve my results
- Make informed decisions so most of them will be the “right” ones
- Review all of my vendor and advisor relationships to make sure I am receiving the most value from them – those that I am not, make a “get it fixed or move on to a new relationship decision”
If you are a decision maker and amongst your goals and objectives for your organization is to make sure that you will not only survive this “recession” but thrive long term, here are some questions to help you on the last point listed, “make sure I am receiving the most value from…” your advisors:
- What are your current insurance agents doing to help you be successful?
- If you have multiple agents handling various insurance policies, how is the coordination of the policies and their various services working out? Are you managing them and what is that costing you?
- When your agent (s) conducted a review of your programs, what were the results and actions taken from the most recent review of the risk and threats facing your personal assets and those of your organization?
- What would be the financial impact on your organization’s balance sheet from these risks and threats you and your agent (s) discovered from this analysis?
- What insurance professional is responsible for the overall management and coordination of your various insurance programs?
- From the most recent review, are you confident that you are addressing the risks and lost opportunities created from having multiple insurance programs?
- Are you continuing to pay additional for services that are typically included with your various insurance programs, like the following:
- Employee benefits open enrollment meetings with staff and individual consultations with your employees
- Employee benefits audit to confirm compliance and to avoid typical risks
- An specific Internet site for all employee benefit plan information and convenient postings for your compliance documents
- Human resource compliance audit to help you avoid legal entanglements with applicants, employees and third parties
- Updated employee manual
- Human resource call in line and/or Internet based service to answer you HR questions
- Safety audit of your operations, work flow, training, documentation & OSHA compliance
- Return to work plan
- Annual Exposure Analysis of the risks & threats to the organization and the personal assets of the decision makers
If you find that your current insurance relationships are not giving you the most value, what steps are you prepared to take to best protect you, your family and your organization?
This is your livelihood and these are your personal assets.
Wouldn’t now be a good time to take action to improve your situation and give you piece of mind?
Contact me for a complimentary assessment at 916-265-3837 or email at firstname.lastname@example.org
Listen – Learn – Call Into “Insurance Matters” every Tuesday 8 a.m. on Sacramento’s Money 105.5 FM, phone 866-576-1055; plus the first Saturday of the month at 9:30 a.m. on 1380 AM KTKZ, phone 888-923-1380 – Online at Small Biz Talk Radio