Tag Archives: Business Insurance

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Women to Watch

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The risk management and insurance industry was, and still is, a male-dominated field. This is a fact. But what’s also true is that more and more executive-level positions within the industry are being filled by women. They moved from secretary to the risk manager, to CFOs of major corporations, directors of risk management for Fortune 500 companies and heads of insurance recovery for major law firms.

They’re making moves.

In Risk Management‘s January/February 2011 issue, I highlighted some of the female pioneers within the risk management and insurance industry, letting them share their story of how they squashed sterotypes and landed leading roles in the field. I profiled successful women such as:

  • Kathie Maley, Vice President, Risk  Management, Special Risk Services, IMA Financial Group
  • Stacey Nielsen, Senior Risk Analyst, Dollar Tree Stores
  • Tamika Puckett, Risk Manager, Public Schools of Alexandria City, Virginia
  • Trish Henry, Executive Vice President and Deputy General Counsel, ACE
  • Lori Seidenberg, Vice President of Enterprise Risk Management, Centerline Capital Group
  • Dorien Smithson, Executive Vice President of Strategic Outcomes Practices, Willis

    University of California Chief Risk Officer Grace Crickette.

And we get a glimpse of the achivements of even more women in Business Insurance‘s annual “Women to Watch.” In it, the publication recognizes women doing outstanding work in insurance, risk and benefits management, and related fields. One of the 25 honorees, Grace Crickette, spoke at last month’s RIMS ERM Conference in San Diego. As the chief risk officer for the University of California, she also serves on the RIMS ERM Committee. In her interview with Business Insurance, she gives some great advice to future (and even current) generations of risk managers:

I had a great boss, who’s since passed away, and one day he said to me, “Grace, your desk is a dangerous place to do your job.” And I said, “Well, Bill, what do you mean by that?” And he said, “You’re not going to make the best decisions on implementing policies and procedures and programs if you don’t get out in the field and really understand the business.” So I think that would be one bit of advice: Don’t spend too much time at your desk. There’s not a lot of risk at your desk; and if you want to be of value to the organization and really progress in the organization, you really need to get out and really understand the business in a holistic way. The other one is also then to learn the language or the taxonomy of the other people you’re working with. I think in risk management, you can tend to become insular and just focus from an educational or professional standpoint on being with other risk managers and studying just risk management.

Great advice for any profession.

Vote for the Best Commercial Insurance Companies

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Today is your last chance to weigh in on Business Insurance‘s 2010 Readers Choice Awards for the best in commercial insurance. They have been doing the awards since 2005 and they always receive a lot of debate.

Vote now or forever hold your peace.

These were the 2009 recipients.

Do you agree with these?

Or are you looking for change in 2010?

National Preparedness Month Q&A

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areyouprepared
The seventh annual National Preparedness Month (NPM) begins today. Launched by FEMA, the month-long awareness program is designed to encourage Americans to prepare for emergencies in their homes, businesses and communities. With that in mind, I took the liberty of contacting Brian Smith with American Express OPEN. He is an expert on commercial risk management and the InsuranceEdge advisor for the company. With a focus on business insurance, I presented him with a few questions. (If you should have any feedback on this Q&A, please feel free to leave a comment.)

What’s the best type of insurance to cover businesses against disasters?

Brian Smith: There are two areas of coverage that must be considered when facing the decision to purchase business insurance: property and business interruption. Property insurance will protect against damage to the physical condition of the business along with the items that sustain operations, such as equipment and fixtures. Property insurance is a mainstay in commercial programs, oftentimes required and rarely overlooked. Business interruption insurance, however, is often undervalued; it is the most critical program needed to sustain operations during a disaster. There are seven points a business owner should consider if questioning the need for business interruption coverage:

  1. It allows the owner to recoup lost sales and income of the business;
  2. While the business is down due to the disaster, it will allow the operations to continue during rebuilding;
  3. Income and profits are protected;
  4. By staying afloat, the business will be able to retain key clients and contracts;
  5. Business interruption insurance allows for the employer to keep ALL employees;
  6. As mentioned, property insurance and business interruption claims are often LARGER than the property loss;
  7. And finally, the business will likely receive a more rapid and equitable loss settlement on the property claim.

Do different types of companies require different types of insurance and does the business’ location matter in such a decision?

BS: Each company will have its own unique risks associated with it. These must be evaluated by a commercial insurance professional to determine the right coverage for the identified exposures. Taking into consideration the location of a business, however, is one of the key factors. Distance from the coast is one factor, due to exposure to natural disasters such as hurricane and flood. In this case, flood is highly recommended and may be required based on banking terms or contractual needs. An additional type of coverage within the business interruption arena is contingent business interruption. This type of insurance protects the business against a loss due to a dependency on one buyer, supplier, manufacturer or leader property such as in a mall or shopping plaza.

Is now a good time to reassess commercial insurance coverage? If so, why?

BS: The answer here is a resounding YES! Commercial insurance rates are very low at this point. The insurance industry is facing its sixth year of a “soft market,” where insurance companies have lowered rates to unprecedented levels. Insurance program development during this time is highly recommended due to opportunities involving greater coverage, competitive rates and new client demands on both the insurance companies and insurance agencies. Engaging a commercial insurance professional is the best way to see where improvements can and should be made based on operation, location and physical hazards.

Is National Preparedness Month a tool to encourage businesses to analyze their stage of disaster preparedness? How?

BS: I believe it is. The U.S. Department of Homeland Security is shepherding this program at the state and national level. Accompanied by several commercial and personal insurance providers/groups, this national marketing campaign can bring a level of awareness needed for home and business exposures. Coinciding the hurricane season, any awareness program that brings to light what needs to be considered in the event of disaster is always welcome.

What else should businesses know about the importance of being covered from disaster?

BS: Business owners should be aware of the possibility that current insurance programs may be under-estimated or inadequate. A comprehensive review of key items identifying areas of exposure should be considered on an annual basis. Review of current insurance policies is necessary to ensure coverage levels are accurate as well as appropriate. New or changing business operations can have a substantial impact on the monetary needs of a company should it be impacted by a natural disaster. Insuring these exposures properly can only be done if each is understood by the owner and insurance agent and steps are taken to include these values on the current or renewing program.