We are inundated with TV commercials with a lizard and billboards promising 15% savings on insurance. With that, the importance of small business risk management education has fallen by the wayside. We can blame it on companies like Geico or State Farm. We can blame the economic downturn that we all faced in the past years. As a trusted risk adviser, we must resist the temptation to follow the trend to educate only on NY business insurance.
We have discussed in other posts why risk management is important to the small or large business. We have suggested that the business owner examine some of the risks and exposures the business faces. As a risk management adviser, we need to educate you and ourselves in order to be the best we can be for you.
We need to continue to educate the small business owner and ourselves so that you feel secure in an everchanging environment.
Risk management is the lifeblood of our society. Without risk transfer (insurance), could you drive a car? What would happen if you seriously injured another driver? Could you pay your way through a lawsuit? Without understanding and analyzing the exposures of our business, we couldn’t properly insure and protect the business and subsequently our own lives.
You depend on your insurance agent to properly protect you. This is why it is critical that your agent educate him or herself on small business risk management and the changes the world is facing.
New risks and exposures are evolving on almost a daily basis. The economic climate continues to be difficult on a global scale and presents some long-term structural problems that will not be easily remedied. We can only imagine the different types of risks that will evolve in the future.
We can quickly examine new types of risks that many businesses were not prepared for. Take a look at Target and their data breach. AIG was hit by enormous losses due to risks the company was taking and didn’t even know about. Cyber risk, which Target faced, is not a risk just to large companies – small businesses face it all the time.
At The Murray Group, we help you with the job of risk management. We educate ourselves so that we can make sure we can provide you with security at your business and in your life.
Our trademarked process, LiveSECURE 365, is designed so that we get to know all facets of your business. We can’t do our job without doing that. If your current agent is not doing the same for you, please call any one of our advisers at (518) 456-6688.
Live Secure,
Ryan Murray
VP, CIC