To keep ahead of rising costs, you must track your financial performance very closely. Did you know there is likely additional capital inside your risk management cost structure that you can recapture and use to improve your business results?
By reducing and mitigating the impact of claims events, you are curbing the unbudgeted costs that your business incurs. Although the insurance carrier covers some costs of a claim, it does not cover everything.
For example, when a claim causes business disruption, or the need to hire and retrain an employee, or inflicts brand and reputational damage-- your business absorbs these additional expenses. Not the insurance provider.
Here are the facts:
- Financial Leakage exists inside every risk management program. If you have claims, they are very likely costing you additional money.
- Financial Leakage is absorbed by your budget, margins, or EBITDA. These expenses ARE NOT separate line items; they erode your business performance, eat into your profits, and stretch your budget.
- Financial Leakage cannot be eliminated. Some claims will occur, but you need to work a strategy to mitigate the impact of those events.
Here’s the good news:
Your Financial Leakage is controllable!
That’s right. You may not be able to completely remove these expenses, but an astute broker with the right tools and resources can measure these costs and put a service plan in action to address the root causes to lower them.
If you’d like to dig deeper, our firm is uniquely qualified to assess, measure, and tackle these unwanted expenses on your behalf.
Our client services go well beyond the traditional placements of insurance programs. We partner with our clients, learn their business models, and help them improve their results by curbing unwanted Financial Leakage.
Curious to see what we can do for your business?
No problem! We’re happy to provide you with a no-risk assessment of your existing cost structure. And, we’ll discuss specific ways you can recapture these unwanted expenses and improve your business performance!
Contact us today for a no-obligation assessment of your program. We’ll be happy to provide you with some insight into your business and how we can deliver quantifiable results.