Business insurance Becoming More Risk Management

Business insurance has always had the focus on price and product. Anyone who has had to pay for the high cost of business insurance every year had no choice but to focus on these two items. Change is occurring however. Technology has made business insurance products and price very similiar between companies but risk management services are now becoming the defining feature. The trouble that insurance companies are having however is they cannot do a solid job at it. In other words business owners are getting "risk management light" because the insurance company business model just does not have the expense covered in their margins. Enter the insurance broker, who insurance companies are looking at to cover these services. Brokers ,like the insurance companies are trying to find a way to pay for giving risk services to clients. So how is something so important in today's business climate going to get accomplished when there is no money set aside to do it. My thought is companies, brokers, and business owners will find the money as the demands of business make the pain of not having good risk management programs inevitable. Until next time be careful out there and know your risks.
Blog by G Kevin Nemith president of CNC Insurance Associates, business insurance and small business insurance specialists serving Delaware, Maryland, and surrounding states.

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