Broker Check

Mid-Size Companies Should Use Insurers' Loss Control Help

November 09, 2020

Paul Isaac and Tom Lysaught of QBE North America have written in Middle Market Growth about a report on mid-size company risk that QBE co-sponsored with the Association for Corporate Growth. While 99% of those companies were very interested or somewhat interested in insurer loss control services, only 26% use those services at least once a year.

Preventing or minimizing losses should be a business objective. Insurers can offer guidance online, but periodic physical inspections are better. If an organization does not have a risk manager or safety director, look to insurers for those services.

When renewing or marketing your policies, ask your broker what loss control services are provided by current or prospective insurers. Focus on areas of concern - workers compensation, automobile, cyber, employment practices, etc. Don't wait until you have a major claim.