It’s time for 2023 yearly planning and budgeting. One of those line items you take into account every year is your risk management program.
But, this time, don’t simply focus on your insurance prices and premiums!
There are more significant costs to address in your forecasts.
What are they?
Beyond what you pay out of pocket (premiums and deductibles), you’ll find the unbudgeted expenses of claims. This Financial Leakage manifests on your bottom line in business disruption, reputational damage, and the operational and strategic impacts you incur when you experience a sizable claim event.
By the way…
Your insurance carrier does NOT pay these unfunded expenses. Your organization absorbs them, and they erode your profits (or surplus goals for nonprofits).
Let’s get ahead of next year by assessing the true cost of your risk management program today. Here’s what you can do right now:
- Get a current and accurate evaluation of your risk management cost structure. This includes the finite, quantifiable, and controllable expenses that prevent you from maximizing your profit potential.
- Assess the impact of this Financial Leakage on your business performance. With the proper analytic tools, our firm can assess your Financial Leakage AND create a plan that helps reduce its impact.
- Develop a plan to reduce and mitigate unfunded claims expenses. It’s possible to recapture a significant portion of these costs with a solid risk reduction and mitigation strategy. As specialists, we’re here to help!
So, if you’re in the process of planning for a strong 2023, let’s chat right away. Our firm can provide you with a no-obligation Financial Leakage Report™ on your existing cost structure, so you can better and more accurately plan for the coming year.
Contact us today for a no-obligation assessment of your program. We’ll be happy to provide you with some insight into your business and how we can deliver quantifiable results.