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May 15, 2019

Is your broker part of your risk management team?

Businesses face any number of risks and liabilities unique to their industry, location and size. Understanding the possible impact of those risks takes significant specialized knowledge and experience. That’s exactly why you should choose an insurance broker who will truly be a part of your organization’s risk management team, alongside your legal counsel, accountant and financial planner.

Considering your broker as part of your team best enables them to learn your business inside and out. Coupled with their existing expertise in your industry and risk management, they will be able to identify the best policies, coverages and risk management strategies for your unique operations and needs.

For example, take a logistics company we work with that has seen a steady increase in sales. Along with that growth came a need for more equipment, transportation vehicles and employees. Our broker who worked with this business witnessed its success firsthand and understood that with their growth came many specific new risks.

These new risks would require not only an increase in the limits but also several new types of insurance policies to ensure comprehensive protection, such as coverages specific to certain types of equipment and a crime insurance policy that would prevent losses caused by potential fraud. This institutional knowledge can come only from someone who has a thorough understanding of the business as a part of its risk management team.

There are many technical aspects to writing policies that prevent serious liability and exposures. An insurance broker who knows exactly what a company needs can give their clients confidence that the right coverages are in place well before a claim needs to be filed. Again, this happens when a company thinks of its insurance broker as an integral part of its risk management team.

What should you look for in a broker?

Many believe that the best insurance brokerages have the largest footprint of locations and offices – that’s not the case. The best insurance brokers possess specialized expertise and a willingness to learn, as well as the ability to bring a personal touch to their client’s risk management needs.

You should look for someone who goes beyond a transaction to truly develop an advisory relationship. At CBIZ, we meet with clients on an ongoing basis, often participating in board meetings. This allows us to truly serve as an advisor and partner, anticipating and communicating risks from changes in business operations, enabling the client to make highly informed business decisions.

One consideration in selecting a broker must be the level of their professional development. At CBIZ, many – if not most – of our brokers have the Chartered Property Casualty Underwriter (CPCU), Certified Insurance Counselor (CIC) and/or Advisor in Insurance (AIA) designations, which rank as the leading credentials in our industry. That level of education and know-how reflects our firm commitment to stay on top of the latest trends in our industry – and yours.

By having significant expertise in your field, the broker is able to share risk management impacts due to emerging risks in your industry or based on experiences with similar companies. We also have many experts with certifications in everything from playground inspection to community association management and fire protection. Further, CBIZ offers complementary services, such as accounting and human resources, which can be leveraged by clients if desired.

We have an incredibly deep bench of talent here at CBIZ. Utilizing our vast pool of professionals and resources as part of your team will help your business not only mitigate risks but also flourish.

 

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