There is a Fine Line Between Saving Insurance Premium and Increasing Risk

Due to the tough economic times I have had numerous discussions with my clients on how to reduce insurance premiums for thier business. We look at all aspects of coverage and find ways to cut costs. However very little talking is done about the increasing risk. It's not that I don't try to tell them about how reducing coverage increases risk, I do, but their mind is made up, cut costs ! It is a little concerning to me as a broker the balancing act that all brokers have to do to protect their clients at a premium they can afford to pay, and at the same time not allow themselves to get too exposed on risk that could really hurt them financially. I had one such conversatin today and I was able to convince the client to stay the course on the insurance. I realized that my best sale this week was convincing this client not to cancel his insurance and expose himself to a larger amount of risk even in the face of his budget tightening. There is a fine line and hopefully my years of experience and overall concern for clients allows them to walk the line without falling off.  Until next time be careful out there and know your risks. K

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