Business Guidance / Featured / Insurance Protection

How Are You Controlling Business Risk?

Businesses deal with risk dozens of times throughout the day. Which employee should I hire? Should I submit this quote at $50,000 and be conservative or $35,000 to ensure we earn the business? Do I need to update my employee handbook to include distracted driving guidelines? These are just some examples of the decisions those running a business make every day, some with more thought than others.

So what happens when businesses make the wrong decision, fails to act properly or even has an accident? Many business owners buy insurance and assume they will be protected if something goes wrong. However, if a business ONLY manages their risk by purchasing insurance they are missing out on other risk management techniques that should be utilized. These can have an impact on employee safety and the bottom line. Transferring risk to an insurance company is one risk management technique, but another technique that is often overlooked by many insurance brokers is shifting the focus to controlling and reducing risk.

It sounds simple, a company should reduce their risk, but advice on how to tackle this is not a service most insurance brokers provide. This leaves many businesses to look to their insurance company to provide safety recommendations and advice. This can be challenging because once staff from an insurance company comes to inspect your facility, they can make mandatory recommendations that need to be complied with to retain coverage (which can be quite costly at times). Furthermore, the insurance company might not be willing to meet with a business more than 1-2 times per year and their schedules can be rigid.

At Univest Insurance, we believe it is important for our clients to have a resource that can be reached anytime and available to consult with them rather than provide mandatory requirements. This is why we have in-house loss control services. Our certified safety consultant works directly with clients to complete a thorough evaluation of the business then advises on the many approaches to reducing risk. A customized plan is created with the goal of minimizing risk, improving profitability and maintaining compliance.

This consultative approach not only improves the safety culture of a business, but it makes the business look much better from an insurance company’s standpoint. When a business is doing all the right things to mitigate risk and lower the chances of having an accident, it positions them to get the best possible terms and conditions in the insurance marketplace.

By partnering with Univest Insurance you aren’t simply purchasing an insurance policy, you are working with an agency that has your best interests in mind. We don’t want our clients to only call AFTER something has gone wrong. At that point, not only has a company’s profit been impacted, but the well-being of their employees as well. This is why we proactively work with you to minimize your risk, transfer the risks that could be catastrophic to your business and even retain some risks that are predictable and insignificant. This approach adds significant value to our clients and differentiates Univest Insurance from the competition.

If we can help one company keep their employees safer and prevent a loss, we have done our job. To have a conversation about how we can help your business control its risk, call us at 215-362-7000.

 

Insurance products offered through Univest Insurance, LLC, a licensed insurance agency affiliate of Univest Financial Corporation, are obligations of and underwritten by unaffiliated insurance companies. They are not insured by the FDIC or any other agency of the United States and are not deposits of or guaranteed by any bank.