Protecting You Is Our Business

It can sometimes seem as if the forces determining your insurance rates are beyond your control. But, as an insurance buyer, it’s important to know how your premiums are calculated, what trends influence the market and what you can do to get the best price.

Your claims history—which you can control—has an enormous impact on whether your rates go up or down. That’s where implementing a solid risk management plan will help steer your pricing in a more favorable direction, both now and in future renewal periods.

The following are five key components of a successful risk management strategy:
1. Pinpoint your exposures and cost drivers, 2. Identify the best loss control solutions to address your unique risks, 3. Create a solid business continuity plan to account for disasters and other unpredictable risks, 4. Build a company culture focused on safety, 5. Manage claims efficiently to keep costs down.

In addition to implementing the above risk management strategies, working alongside an experienced insurance broker is equally crucial. Qualified insurance professionals can help their clients analyze their business, understand their exposures and establish a suite of customized insurance policies that act as a last line of defense against claims. A broker will also thoroughly explain your policies, notifying you of any additional considerations to keep in mind.

Remember, the insurance landscape is complex, and while the predictions found in this outlook are based on expert research, they are subject to change. Fortunately, your partners at Robert E. Harris Insurance Agency, Inc. are diligently monitoring the market throughout the year and will keep you informed of any changes that might affect your business.