The easy answer? When you want to know that you are managing risk effectively and buying insurance in response to the plan. Not everyone appreciates one of my favourite sayings, borrowed from the TV show The A-Team, and George Peppard’s character, John “Hannibal” Smith, which is “I Love It When A Good Plan Comes Together? … Continue reading When Will I Need A Risk Management Consultant?
Do you need one? If your business is small and simple and the same as many others, probably not. If it is large and complex, you should consider one.
If you don’t know who is in control, it is probably not you.
Do you have a lease, either as lessor or lessee? If so, have you read and understood every word? If not, you could be in trouble if something bad occurs. From a risk management perspective, there are several clauses that need particular attention, including Repair, Indemnity, Abatement and Insurance.
A common engagement for us is to as work with a company that is expanding beyond their borders, either provincially, or more often to the United States, Mexico and beyond. We are very familiar with cross border insurance requirements and how to arrange your insurance. This includes global policies, locally admitted insurance, licensing requirements, jurisdictional … Continue reading International Business –
“Oh, we will just self-insure that” NO, you don’t just simply “self-insure”. Self insurance is not the same is ignoring insurance as a loss funding mechanism for losses. Self-insurance is a deliberate, planned and specific mechanism. An uninsured risk is not self-insured. Creating a captive insurance company is self-insurance, but a large deductible is not. … Continue reading Self-Insurance – what is it?
Most companies have some idea how their insurance will respond to a disruption to their business, but most have little idea if or how their insurance will respond if there is disrupted by an event at another business, such as a customer, supplier, or specified property or landmark.
Do you provide others with certificate of insurance? Do you provide request certificates of insurance from others?
Without a business continuity plan, how do you structure your business interruption insurance? There are several features of business interruption insurance, including Payroll options, Period of Indemnity and Extended Period of Indemnity, terminology varying by country which require careful attention before a disruption event.
There is no easy answer, but I will offer some insight. If you are a public entity, you probably have a purchasing bylaw which requires you to tender goods and services based on a variety of criteria, such as size of contract and frequency, if more than $10,000 and at least every three years. At … Continue reading How Often Should I Shop My Insurance?
