A Simple Check Mark Can Save Millions of Dollars

So the other day I am reading an article that a leading insurance broker is announcing the formation of a separate retail agency to focus on smaller and emerging growth companies. This segment pays approximately $80 billion in insurance premiums annually. However, the part of the article which really caught my attention was the statement by the executive of this new operation was that they will not be servicing ‘global companies’.

I assume I know what he meant by his statement, but I wonder why say it? My experience is that growth companies are ‘global’ companies. Not in the way that Coca Cola or UPS are global companies, but do the owners, or any of their employees travel overseas? Do they have any sales outside of the U.S.? Most companies that provide coverage for the U.S. firms with international exposures make available simple questions to ask Clients. If the Client answers YES to any of them, then the agent has identified a ‘global’ exposure. Examples of these checklists can be found at ACE Advantage and AIG World Source.

It should be poinedt out that 46% of all U.S. businesses currently have sales in jurisdictions other than the U.S. With this fact always on my mind, I am astounded when I encounter professional insurance agents during my travels who appear oblivious to their Clients operations, knowing how easily they can find insurance products to protect their Clients assets – financial and human.

There is enough uncertainty in today’s economy. Take a moment to use a simple checklist, create your own if necessary, and save businesses millions of dollars.

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Explore posts in the same categories: Foreign Motor (Auto), Foreign Voluntary Workers Comp, General Liability, Kidnap & Ransom / Extortion, Product Liability, Property

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