The RISC Analyzer©TM helps uncover potential gaps in property and casualty insurance and risk management programs for both individuals and businesses. Avoiding insurance gaps protects your assets and provides better peace of mind about your financial well-being.
One of the first questions that attorneys and claims adjusters ask when situations arise that result in financial loss is, “Who was at fault?” While there is no single answer for every situation let me suggest an answer that you may not wish to hear: perhaps it was you as the individual or business that bought the insurance policy intended to respond to the loss.
Of course, this is not always true, but when it comes time to point a finger to the at-fault party when a claim is not covered, or is insufficiently covered, understand that attorneys who represent insurance agents in these types of situations nearly always argue that the party purchasing insurance could have done things differently.
One important way to help avoid situations where inadequate insurance coverage or limits exist at the time of loss is to not rely solely on your insurance agent. For too long, the primary method of buying insurance has been to sit down with an insurance agent and to answer a handful of standardized questions. Questions that are intended to provide the insurance company with information so they can decide whether to insure you or your business.
Relying only on an insurance agent to adequately address your insurance needs can leave important risks unidentified - risks that may result in potential financial harm to you. And keep in mind that even if you have a decent insurance agent, it is possible that important exposures may have been overlooked in error. Further, perhaps you forgot to tell your agent about an important risk situation when your insurance was first written. Or, maybe updates were not provided to your agent when significant changes took place after your policy was written.
It's All About RISK
One best practice that can help address these situations is to employ a "checks and balances" approach, where risk exposures that are currently covered by your insurance policy are cross-checked against exposures that are not covered…but should be. In fact, this type of approach is exactly why businesses hire external accounting firms to review work that their internal accounting staff has done.
So, how can a checks and balances approach be utilized with your insurance program? What can be done to help alleviate potentially devastating financial situations that can arise due to a failure to identify and act upon unidentified risk exposures? Take matters into your own hands by utilizing the RISC Analyzer (RA).
Why You Need the RISC Analyzer
The RISC Analyzer (RA) goes to the heart of this issue. It identifies several potential insurance and risk management problem areas, explains the importance of addressing such issues, and earmarks items for further discussion with your insurance agent or other appropriate professional. The RA helps uncover unidentified exposures by asking a series of probing questions specifically related to insurance and risk management areas where your assets may require further protection.
Keep in mind that the RA does not replace your insurance agent. Rather, it is intended to assist them in putting individuals and businesses in an improved insurance and risk management situation.
If you use a financial advisor that does not offer the RA to their clients, ask them why not. After all, their efforts should leave nothing to chance when it comes to your financial well-being. And, while the RA was initially intended for use solely by clients of financial advisors and wealth managers, the RA is now available nationally for direct use by individuals and businesses that prefer to make financial and insurance decisions on their own – without help from financial professionals.
contact@riscanalyzer.com
(262) 569-0929
