I often discuss the need to have strong partners for all areas of your business. While those partners may not always necessarily be the most economical, there’s the comfort that the services or product they deliver will provide the quality and protection you need so you can stay focused on the business. In the case of our company, as we have continued to expand the profile of client we are dealing with, we have had to increase our corporate insurance levels in order to meet certain vendor requirements.
Although we had previously reached coverage levels that would be sufficient for any of our clients, we were also faced with an environment of increasing risk premiums. In fact, in the October-13 edition of CFO, they cited that “the average expense that corporations incurred for risk management jumped 5% last year”. It was pretty satisfying to proceed with our most current renewal and see a double digit decrease in our premiums while receiving more robust coverage levels. Nor did we achieve the decrease by going with lower quality insurers either as we continue to engage with A-level insurers highly recognized in the market.
It’s examples like this that become a nice testament to the quality of a network and the results they are able to deliver. Do you have the same quality and commitment within your own network? If not, it might be worth a bit of homework to harvest some of those hidden savings.
Thanks for reading.