I’ve worked with hundreds of business owners and executives who are experts in their domain or profession, yet know little about their insurance. They all struggle to improve safety, prevent lawsuits, and avoid surprises. Most also don’t mind saving some money on this essential protection!

Here are some tips I’ve learned along the way that can help you out:

1. Workers Comp
  • Review job classifications with someone versed in the latest rating schemes, and make sure job descriptions match actual duties.
  • Commit to and invest in a robust safety program and get all the latest PPEs.
  • Make your commitment and program known to employees and their families, your broker, and your insurance company.
  • Make sure workers understand how their safe practices keep costs down and impact job security.


2. Property
  • Set proper, replacement-cost values on all property.
  • Save money by taking the highest deductible you can afford; get several options from your broker.
  • Make sure the premium discount makes sense (ask me for the formula!), and don’t over-extend your financial foundation.
  • Home-based biz: don’t depend on your homeowners or personal umbrella policies for coverage!


3. General Liability
  • Don’t give your coverage away: avoid taking risk from others, if possible.
  • Transfer appropriate risk to others.
  • Consider higher liability limits using the money saved on property deductibles.
  • Home-based biz: don’t depend on your homeowners or personal umbrella policies for coverage!


4. Professional Liability
  • Know when you need coverage and when you don’t: the difference is between bodily injury/property damage, and financial loss (ask me for more details!).
  • Insist on an insurer with the strongest financial ratings (from several sources).
  • Understand your obligations under a claims-made policy.
  • Ensure quality control and customer care come first in your operations: poor communication and misunderstanding lead to many unnecessary claims.


5. Automobile
  • Make sure your vehicle is rated for business use if you visit clients: the savings for personal rating isn’t worth the hassle when you have a claim.
  • Take a high deductible for physical damage (collision and comprehensive); consider not insuring phys-dam on older vehicles.
  • Have a hands-free or NO-use cell phone policy for all drivers.


6. Broker
  • Make sure you have the right broker – does s/he know your business and your industry?
  • Insist on prompt, reliable service and regular meetings – set an agenda in advance and ask questions, take notes.
  • Don’t accept jargon – insist on clear explanations.
  • Know how much your broker is making on your account, and if that’s satisfactory – get full disclosure.


7. Risk Management
  • Don’t let Dan Denial be your risk manager – be pro-active with prevention.
  • A loss prevented is worth far more than an insurance reimbursement: costs include your time and distraction, deductibles, future premium increases, etc.
  • Call RiskSmart Solutions® for a no-obligation strategy discussion!


If you have questions or more complex circumstances, don’t hesitate to click reply or give me a call –

charles@risksmartsolutions.com | 510-685-3883.

There’s never a charge for brainstorming!