If you are like most businesses, you are now working on your financial planning for next year. Of course, a huge part of that is your budget for financial expenses that will drive your profit projections, CapEx spending and hiring decisions.
What if I told you your budget projections for Risk Financing and Risk Management expenses were inaccurate? If your budget was 30% off target (or more)* before you even began the year, wouldn’t you want to know about it?
For example, if your annual property/casualty insurance costs are $375,000 or more, you likely have a six figure number for your unbudgeted expenses.
Unless you have accounted for the Financial Leakage that currently exists inside your business, your budget is skewed. Financial Leakage resides in every single insurance claim you have, from any type of loss (property, vehicles, people, etc.). It’s not about the insurance policies.
Chances are, you have not accounted for these costs. Most insurance brokerages and providers do not have the ability to pinpoint, quantify and help remove these costs. We do.
So, as you finalize your upcoming budget, remember this: Without knowing your projected Financial Leakage, you will be wasting capital and negatively impacting your ability to maximize your bottom line.
“If it cannot be measured, it cannot be improved.” - Lord Kelvin
If you would like to quantify the additional money you need to include in your budget, contact us for a data-driven Financial Leakage Report™. It will mean the difference between a budget based on opinions and one based on facts.
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* Source: TCORCalc® is North America's leading authority on risk management program analytics and insurance industry benchmarks.