Special Report
Risky business
How to get the most bang for your insurance buck
By Carolyn LaWell
Smart Business Cleveland | September 2009
Page 1 of 4
This economy probably has your company facing heightened risks — risks that you might not be prepared for and that could ultimately cripple your business.
The global economy is the No. 1 risk businesses say they face today, according to the Aon 2009 Global Risk Management Survey. But the survey points out that less than 66 percent of respondents have formally reviewed their major risks or have plans in place to deal with them, including the economic downturn.
Now is a crucial time to have a detailed risk management program in place. After all, budgets are tight, you’re looking for savings and managing risk can directly influence your bottom line.
“By managing risk, you will increase profits; for you will mitigate losses that you have identified and have some control over,” says John Chaney, president of the Cleveland office and regional vice president of Hylant Group. “Managing risk improves and protects your bottom line — and also increases efficiency within the business — and quite often the top line.”
Hiring an in-house executive to focus on risk may financially be out of the question. But a good insurance broker can help you put the puzzle pieces in place, starting with the questions that will lead to true solutions.
