Overconfidence is a Costly Error If You’re Without Property Insurance

On June 10th, the Bell Grand Bridge support beam collapsed in Surprise, Arizona sending a 150-foot-long, 60,000+ pound beam crashing down on two workers. The story is a metaphor:  it represents the size of large organizations, and the heft of complex relationships in motion.The two people hurt represent the moment when things go badly for an organization without property insurance, even with the best of intentions and meticulous risk plans.

Management’s response to trying circumstances reveals the character and fitness of an organization. Whether a it’s a flooding, lawsuit, delays to construction, or a former employee selling a confidential client list – readiness and professionalism are not to be left to chance.  For over 34 years, Quaker Special Risk has partnered with A-rated markets to secure a broad range of properties, with nearly a lifetime of combined underwriting experience.  By visiting their website, you can learn about a broad range of property coverage options available to you.

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The following principles will aid in “salting” perceptions, when it comes to managing risk for your organization’s properties:

  1. Consultants aren’t magicians that can whisk away time and chance. There may be a million moving parts that never entered the equation. It’s time to accept this truth and work on contingencies with property insurance specialists.
  2. Property coverage is there to soften the weight of incidences beyond human control. It is to be addressed with the same seriousness applied in hiring an executive – he can either drive the company profits higher, or prove a disastrous liability to brand perception and the bottom line.
  3. With the worst of disasters, having trust and immediate contact with property insurance specialists will make these events an easier pill to swallow. This is where you lay down your trust to people who regularly work with companies mitigating and softening the damages received through day to day operations.
  4. Always enlist the most professional people for your organization.Diligence is a valued trait in any position. From entry level accountants to C-level executives, seating a diligent worker in each branch of your organization will ensure, even in the worst of circumstances, trustworthy and alert individuals will do what needs to be done to secure your company’s interests, whilst doing the right thing.

The world we are a part of reacts to organizations and it is only a matter of time before an incident occurs, an event with the implications of a 60,000-pound beam crashing down. Though we cannot perfectly eliminate risk, removing the false perception that we have control will help every business owner to see more clearly.

Property insurance is a layering of armor for the day of unexpected damages that all businesses could face, every year they are operating. It can soften the blow, but being humble enough to admit that your organization must at some point face a disaster will make it easier to recover, along with the best property insurance specialists you can find.

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