Bennett Financial Services

Obtaining the appropriate business insurance is essential for corporations, proprietorships, partnerships and non-profit organizations if they want to manage the risk that is inherent to doing business today.  Using insurance to manage your business risk is critical because the risk of litigation is more prevalent today as the courts are increasingly used to settle disputes; courts are holding businesses to ever higher standards of care; courts are often sympathetic to injured parties; the public is more aware of the legal recourses available to them; businesses are liable for their employees’ negligence on the job; and business is perceived as having the assets to meet claims.

There are several issues here including the appropriate coverage, the appropriate amount of coverage and the affordability of that coverage.  Protecting your business from third party liability is as paramount to making a profit and the two concerns are irrevocably inter-twined.  Choosing the right insurance company to help you control that risk will take some research, but the process will be worth it.  A good insurance company can help management identity and understand the risks that are inherent to your business.  They will help your business to draw up an effective plan to minimize the risks and manage the costs if loss occurs.  The plan will help you assess what can go wrong, form corporate policies that will minimize the likelihood of loss, and suggest strategies to cover the cost of loss if it occurs.

Having the appropriate business insurance and an insurance plan in place will save your company money by reducing the number of claims, reducing the time and expense of defending claims, and allowing your company to focus on normal business activity.

Moreover, such a plan will protect your company’s public image and your brand, protect your employees and customers from harm, reduce environmental damage.

We cannot eliminate risk; however, having a good risk management plan will demonstrate to your insurer that your organization is committed to minimizing risk and thus will make your company a better insurance risk; your rates will be less expensive. 

Furthermore, most organizations do not have the funds necessary to take on the risk themselves and to pay the total costs following a loss; however, purchasing insurance is not enough.  A well structured risk management plan will include adequate insurance, but it will also deal with strategies to minimize risk and claims.   

See your insurance agent today for an assessment. 

Bennett Financial can provide you with some insurance companies to begin the process.