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Vol 1, Issue 1 |
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The Bull Stops Here
Saving You Time, Money, and Frustration on Your Insurance
February 2009 ed. # 44 |
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Thank you for subscribing to my newsletter.
It's purpose is to offer you strategies and suggestions that will save you time, money, and frustration on your insurance.
This month's edition has a lot of new and important information for you. You're encouraged to read all the articles.
Please forward this newsletter to anyone you feel will find this information valuable. Use the "Forward e-mail" link below.
Be safe.
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Boiling the Frog: Staying out of Hot Water with Your Insurance
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Have you ever heard about boiling the frog?
There is an old and somewhat gruesome myth that if you put a frog in boiling water, it will immediately jump out, but if you put it in cold water and slowly increase the temperature, the frog will sit there until it cooks.
As my good friend and fellow consultant Steve Balzac, who shared this story told me, this happens only if the frog is equipped with little frog cement galoshes rendering it unable to jump! Frogs are too smart to be boiled alive. They leave long before the water gets hot enough to cook them. How does this relate to your insurance?
In my experience in the insurance world, I often find that business owners are sitting in some very hot water themselves. You might think that they would have noticed the warning signs as the heat increased, but apparently not. Here's how...
· Most business owners have little to no idea of how their insurance works. They consider it a commodity to be purchased rather than an investment to save their business in the worst of times. Therefore, they buy insurance based on price rather than what is needed. The temperature is getting hot.
· Most business owners don't understand how spending at least a little bit of time on risk management will save them big time dollars on their total cost of insurance. By being proactive on issues like employee safety, ergonomics, good housekeeping, and close call monitoring, you can save money on your insurance premiums through lower experience factors AND from the high hidden costs associated with administering claims. Starting to sweat a little here.
· Many business owners don't understand the concept of risk tolerance. Here's what that $10 phrase means - If you're never going to turn in a claim that is under $5,000, why would you have a $500 deductible? You're throwing away money by opting for a lower deductible. Save money by sticking your deductible at the limit that starts making your stomach feel a bit queasy. WOW...it's hot in here!
· Many business owners are unwilling to pay for what they consider extraneous coverages because they want to keep their costs down. Turns out, those may be the ones they most need. Case in point, Employment Practices Liability (EPL). This coverage protects you if an employee sues you for harassment, discrimination, wrongful termination, etc. Your regular general liability policy excludes this. Might cost you about $2,500 a year to purchase. Too much to pay? Ask any business owner who's had to pay and see what they say. One recent event happened in my local area where a business almost went under having to finance an $800,000 bill that included damages and attorney costs. Oh, baby turn down the temperature. I'm roasting!
· Some business owners don't make the time to properly bid out and negotiate their insurance at least every couple of years. You may love your agent, but the reality is they don't represent every company that might be interested in your business. Insurance is an ever-changing and fluid industry. Companies change their appetite faster than popular television talk-show hosts. If you're not checking out the landscape, how do you know you have the best deal? WHEW...I'm burning up. I'm out of this hot tub!
It appears, therefore, that while frogs have the sense to get out of the hot water, some business owners are willing to be scalded to death. What they need to do is start thinking like amphibians. When the water gets too hot, it's time to jump.
How long have you been sitting in the water?
© 2009 Dan Weedin - All Rights Reserved
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What's Your Recovery Plan if the BIG ONE hits? |
 "What do you do with 50 employees tomorrow if a disaster strikes today?"
Ask yourself that question and input the right number of employees for your business. The ramifications of being unable to continue operations is a very real danger to survival in the event of a claim. I am proud to be an Agility Recovery Solutions team member. My goal is to make sure you and are able to not only survive, but prosper in case of a disaster. Find out how you can get a 60-day free trial with Agility. No obligation. No risk. Huge reward. |
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January Articles |
Learn how to reduce your exposures to loss, decrease your costs, and save valuable time. Read these new articles available on my blog.
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Get an X-treme Insurance Makeover for 2009 |
Have you ever heard the phrase, "You don't know what you don't know?" This can certainly apply for insurance, workers compensation and risk management. The bad news for insurance buyers is that it can also cost you money. In this economy, that's a bad deal.
Don't waste money by spending too much on your insurance, having too low of deductibles, or experiencing too many workers compensation claims. Find out how you can get an X-treme Insurance Makeover for 2009.
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Rave Reviews for Toro |
"Dan Weedin has the rare capability of helping customers by turning abstract concepts into tangible benefits, bringing an entirely more dramatic sales process to insurance sales and related services."
- Alan Weiss, Summit Consulting - Author of The Million Dollar Consultant (R)
"Dan has handled our multi-state insurance contract renewals for several years as an independent consultant, not as a broker or agent, and assists us on a wide variety of issues relating to insurance coverages, safety, training, and workers compensation. His integrity and ability are of the highest quality and we have achieved measurable results in the form of dramatically lowered insurance premiums and accidents."
- Kyle Kincaid, Vice-President, Parker Lumber Company
"Dan is the type of person you can trust in any capacity to make sure things are done right. That's why we hired him to take care of our corporate insurance. He has gone beyond the call of duty..."
-David Rill, President- Rill Tribute Center
How can Toro help your business? | |
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Thank you for your subscription to The Bull Stops Here!
Warm regards,
Dan Weedin
Toro Consulting, Inc.
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