by: Megan Muller
Often a non-profit business will go to purchase insurance because it is mandated or necessary. It is hard to remember that insurance is only a part of any good risk management plan. This article highlights that your insurance agent needs to be part of your risk management plan. Only after a risk review can an agent try to find coverage for any risk that can not be minimized or eliminated.
In the article, Scott Konrad highlights some great tips:
List all potential risks, with frequency, severity and worst-case impact.
Read each insurance policy.
Share all internal risk management techniques with your agent.
Make your agent a part of your team.
Consider workplace moral and loss of reputation as part of your risk management plan.
Non-profit businesses are tasked with a great responsibility both fiduciary and ethical. If your agent is not part of your team, let us know. We are happy to review your risk and current coverage.
Thank you for reading.