The most common request we received is, “Can We Engage You to Review Our Insurance?”
The easy answer is Yes, but our answer is always, Yes, but, we should conduct a Risk Assessment first.
Without an RA, you we will improve your insurance, but it may not address your needs.
It is the equivalent of putting the cart before the horse. Until you know what you need, why review what you already have?
One of my favourite expressions is “Until you identify and quantify your business risks, and decide how to manage them, how do you know what insurance you want or need?
How you buy insurance and what insurance you buy should be strategic decisions. You may decide not to insure certain business risks, i.e. retain the risk. You could decide to fund certain risks with your own resources. You can minimize certain risks and accept the consequences.
Your insurance and how you structure it should be a deliberate decision in response to a risk management plan.