One of the key characteristics of an entrepreneur is a willingness to take risks. However, it might be fair to say that a key characteristic of a successful entrepreneur is an ability to predict, analyze and manage those same perils. In order to reduce the chance of financial losses, property damage, injuries or even damage to their reputation, large corporations employ specialized risk managers who coordinate activities with other departments.
How Small Businesses Handle Risk Management
At the same time, most small- and medium-sized businesses usually rely upon the services of an independent insurance agent for many aspects of risk management. Part of effective risk management consists of anticipating and minimizing the chance of hazards, but selecting the right commercial insurance coverage to reduce or eliminate losses in case of a hazard is also the focus of many risk management activities.
Smaller companies rely upon us to help them:
- Anticipate potential hazards
- Select the right levels of business insurance
- Suggest ways to minimize risks in order to enjoy lower premiums
In fact, as an independent insurance agency, we enjoy access to the same type of professional risk management software and procedures that large corporations enjoy. We also have access to insurance company underwriters and experience providing solutions for similar businesses. As business insurance agents, we can analyze a company and suggest the right type and level of commercial liability, business property, health, commercial auto, and even cyber liability insurance to provide security for our clients.
We Do More than Just Shop for Business Insurance
Even more, our agents suggest actions to minimize risks and lower premiums, and just some of these suggestions could include employee safety training, smoking cessation programs, improved cyber security or fire or theft prevention technology. As another example, a company might be looking for a new location for a factory or office, and our brokers can help analyze different properties to see which ones might be prone to fires or floods.
By making the right choices, companies can minimize their own threats and save money on their commercial insurance. By choosing us as a business insurance broker, companies can be assured of getting the right coverage at the right price.
Learn more about risk management today. Call McFarlin Insurance Agency at (410) 312-7800 for more information on Maryland business insurance.