What Your Clients Need to Know About Risk Management

What Your Clients Need to Know About Risk Management

Many small to mid-sized businesses do not know where to gain access to risk solutions. There may be some legal and financial risks they aren't even aware of. As an insurance agent, it is crucial to discuss risk management strategies with your clients that they can implement in daily life. Here are a few main points to talk over with your clients.

What is Risk Management? Your client should understand that the risk management process consists of:

• Identifying potential exposures to loss
• Measuring frequency and severity
• Examining alternatives and deciding which alternatives to use
• Implementing the chosen techniques
• Monitoring results

What kind of services and products can you provide for them? What risks does a business owner face in their particular industry? How does their insurance coverage address these risks? What is covered? What are the exclusions? The more a client knows about their policy and coverage, the more they can actively participate in the risk management process.

How can they profit from risk management? Clients need to understand that the true measure of risk is how much monetary loss could occur without proper management. Seeing what they can save by following risk management protocol can act as a strong motivator.

How can they train their staff and promote risk management within the company? Business owners and their employees all need to have an understanding of what risk management means to their company and remain consistent in trying to reduce risk liability.

What are the benefits of risk management? Risk management can improve their ROI, increase operational efficiency and profitability.

Through identifying risk, you will help your prospects and clients understand any holes in their coverage. When you choose PLRisk Advisors as your agency partner, you can be assured that you will have access to risk management expertise to help your clients, as well as comprehensive insurance programs that address the risks for each profession. We invite you to take a look at each of our programs, and discover more about how we can help meet your clients’ needs. Please give us a call at (855) 403-5982.