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Your center for insurance and risk management tips, news and trends.

Terrorism and Insurance: What You Need to Know

Posted by Parker Beauchamp on Jan 27, 2016

Note: This post originally appeared on The Huffington Post

Whether it’s TV, the newspaper or social news feeds, today's media coverage is a constant reminder of the violence and civil unrest around the world.  

As a father and business owner, the idea of having the safety of my family and community threatened is unimaginable. Unfortunately, however, in many parts of the world (and even here in America), it’s a legitimate concern. While the idea of terrorism is an unappetizing discussion, we’d be remiss not to consider and prepare ourselves for the unthinkable. These tragedies happen more often than they should, and businesses (large and small) should prepare accordingly in case acts of terrorism strike close to home

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Topics: Business Insurance, Insurance News & Trends

The Business Case for Enterprise Risk Management (ERM)

Posted by Parker Beauchamp on Jan 20, 2016

We all know that it’s not about avoiding risk—It’s about managing it. But we all manage risk in different ways.

A homeowner may purchase flood insurance to cover a residence located on a floodplain, but that doesn’t alleviate the exposure to potential water damage should catastrophe strike. A small or mid-size business could cover potential asset damage or employee injury for a factory placed on that same floodplain. Again, this won’t prevent an injury from ever taking place—it simply protects the organization from some associated financial repercussions.

But what about a global enterprise that owns dozens of factories on dozens of floodplains in dozens of different countries, each with their own currency fluctuations, security levels, zoning regulations and weather systems? And that’s only one, very basic scenario that illustrates how different managing enterprise risk is compared to smaller businesses. 

Compared to traditional commercial risk management strategies, today’s globally connected world and rapidly evolving technologies require drastically more sophisticated measures to accurately anticipate complex risk. That’s why enterprise risk management was created.

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Topics: Insurance News & Trends

Why Risk Management Belongs in Your Client’s Portfolio

Posted by Parker Beauchamp on Jan 11, 2016

This post originally appeared on WealthManagement.com.

The high net worth (HNW) and ultra high net worth (UHNW) population continues to grow, with a global UHNW population at a record high of 211,275, according to The Wealth-X and UBS World Ultra Wealth Report 2014.

Greater wealth offers these individuals more investments opportunities and heightened discretionary income, resulting in a web of assets, staff and advisors. But the flip side of every asset is liability.

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Topics: Wealth Management

New Year, New Career? 5 Insurance Considerations for Your Next Job Change

Posted by Parker Beauchamp on Jan 06, 2016

It’s that time of year—where resolutions are made and new goals are set. As you look ahead to 2016, your plans may include cutting down on carbs, spending more time with family or finally kicking a bad habit.

But if you’re planning for a larger change, such as exploring a new direction with your career, you should take time to discuss this process with your insurance and risk advisor.

Some career changes require more planning than others, especially if you’re a professional service provider or moving up in your organization, which could expose you to new (and costly) liabilities.

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Topics: Business Insurance, Personal Insurance