COVID-19 Impact - Know Your Real Numbers

If your organization is like most, you’ve had to make some tough decisions during the COVID-19 health crisis. Like most, uncertainty and unbudgeted revenue shortfalls have turned your 2020 planning on its head.

Now it’s time to look at areas for cost reductions in all areas of your business model, including your risk management program.

Before COVID-19, it was good enough to ask your broker: "Are my coverages adequate?" and, "what’s my premium compared to last year?"

That’s top-level information. No matter how you slice it, these are the only questions most brokers can answer for you. BUT, you need better business intelligence now.

The renewal information provided by most brokers won’t help you measure the effectiveness or business impact of your insurance program. In addition, it won’t help you pinpoint and reduce the unforeseen expenses of the COVID-19 crisis.

So, here are 3 critical questions you must ask your broker:

  1. What is the financial impact you have had in the past year on our business results (improved profits, EBITDA, budget accuracy)? Where are we now?
  2. What impacts should we expect inside our cost structure in the coming year?
  3. What projects will you implement in the coming year to reduce our cost structure to help mitigate the impact of COVID-19?

With health and the economic crisis looming, you deserve to know much more than the basics of premiums and coverages. You need to know exactly HOW MUCH your existing insurance program is impacting your financial statement.

As a Certified Analytic Broker™, we'll answer these questions and offer REAL SOLUTIONS to help control your costs during these challenging times.

Contact us today for a complimentary Financial Leakage Report. You might be surprised to see how much wasted capital you’re currently leaving on the table.

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