Special Report
Risky business
How to get the most bang for your insurance buck
By Kim Carrasquillo
Smart Business Pittsburgh | September 2009
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Unexpected events can pop up at any time — often with a hefty price tag. But having appropriate risk management strategies in place can prevent a bump in the road from becoming a detrimental blow to your bottom line.
With today’s shaky economy, it’s likely your budget is slimmer than ever. You’re not alone. According to the Aon 2009 Global Risk Management Survey, 57 percent of those surveyed reported suffering losses due to the economic slowdown. With less cash in your line items, you may be tempted to skimp on insurance to cut costs. But implementing a prevention program and carrying the right amount of coverage can actually save you money in the long run.
“The No. 1 way risk management can help the bottom line is by avoiding the unwanted surprise,” says Marshall Wunderlich, executive vice president, The HDH Group Inc. “It’s more important than ever now that you just don’t have the margin of error that you had when profit margins were deeper and times were better.”
It’s likely your business already has at least basic insurance policies in place. But risk management goes beyond paying workers’ compensation premiums. A few basic pre-emptive measures now could prevent a costly incident from ever occurring — and can save you the hassle of dealing with a startling loss.
