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WeAca,!a,,cve all seen the various top-ten lists Aca,!aEURoe some ad nauseam.A, And even with all my years in and around the insurance business and working with hundreds of companies large and small, IAca,!a,,cm sure I havenAca,!a,,ct Aca,!A"seen Aca,!Eoeem allAca,!?!
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Here are some of the classics IAca,!a,,cve observed Aca,!aEURoe which you can easily avoid.
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10. DonAca,!a,,ct hire friends and relatives.A, Do get real skill-based job descriptions and hire only to those criteria.A, Lousy productivity and employment practices liability are significant and costly dangers.
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A, 9.A, DonAca,!a,,ct let Dan Denial be your risk manager.A, Do invest in safety and quality.A, Procrastination can be very expensive.A, Large company risk managers know that fixing something after a loss costs 8 to 10 times more than prevention.
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A, 8.A, DonAca,!a,,ct try to save money by underinsuring your property.A, Do insure to full replacement value and use higher deductibles to save premium cost.
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A, 7.A, DonAca,!a,,ct keep your computer backups next to the server.A, Do set up an automated off-site backup procedure.A, The first rule of risk management is Aca,!A"duplicateAca,!? and then, of course, keep it somewhere else!A, This goes for all key documents Aca,!aEURoe inventories and pictures of property, valuable papers and contracts, and contact information for emergencies (employees, clients, suppliers).
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A, 6.A, DonAca,!a,,ct sign contracts you donAca,!a,,ct understand.A, Do read, ask questions and get legal and insurance advice from professionals.A, Understand what youAca,!a,,cre giving away and the potential consequences.
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A, 5.A, DonAca,!a,,ct stand for mediocre service from your broker.A, Be pro-active: schedule meetings, be clear about your needs, and insist on explicit answers and no jargon.
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A, 4.A, DonAca,!a,,ct let Aca,!A"juniorAca,!? staff handle all customer service.A, Do stay involved to protect your reputation.A, Handle all complaints personally, and regularly ask for input and feedback.
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A, 3.A, DonAca,!a,,ct shoot from the hip with company processes and procedures.A, Do create a manual of guidelines.A, Consistency and not having to re-invent the wheel are strong measures to improve quality and productivity and reduce Employment Practices Liability.
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A, 2.A, DonAca,!a,,ct argue with a dissatisfied customer.A, Find out what they want and fix it, or refund it quickly.
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1.A, A, A, A, DonAca,!a,,ct Aca,!A"abdicateAca,!? your insurance protection to your broker or agent.A, Sure it can be hard to understand, but itAca,!a,,cs way too dangerous NOT to pay full attention.
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Charles T. Wilson is a Certified Management Consultant (CMCA,(R)), confidential advisor, speaker and the principal of RiskSmart SolutionsA,(R).A, He is a specialist in insurance and risk management and does NOT sell insurance.A, Clients save time and money with objective advice on getting the right broker and service, the best coverage and price, with the least amount of risk.
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charles@risksmartsolutions.com | 510-685-3883 | www.risksmartsolutions.com
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A,(C) 2000-2010 RiskSmart SolutionsA,(R).A, Download PDF copy here: A, http://www.risksmartsolutions.com/pdf/Tip38-Curses!-Update.pdf
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