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Volume 32, Issue 3

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Thursday, 15 November 2007 04:43

Objectively Selecting an Insurance Broker or Other Service Provider

Written by  Lawrence P. Cox, A.R.M.

Buying insurance is a bad investment! With the exception of insurance which is mandated by law, such as workers' compensation, the only insurance you should purchase is insurance that you must have to maintain the financial integrity of your company. What you need to purchase will vary tremendously from company to company. Buy only what you need to buy and purchase it at the best possible price. Unless you have professional risk management staff, determining what you need to buy can be an extremely difficult task. Options available to you are the hiring of a Risk and Insurance Management Consultant or using your Insurance Broker to identify what you need. The next question and the focus of this article is, How do you select the best insurance broker to represent your company? In the corporate insurance arena one of the most difficult tasks for a Chief Financial Officer or Risk