A Business’ Survey Role

The discussion in the article, “Surveys Are Fact Finders,” was about the importance of insurance surveys. Survey use involves the efforts of both an insurance seller and buyer. An insurance professional may have decades of experience serving either a bevy of general business clients or those involved in specialty operations. Even with a deep well of knowledge, one truth remains: it is the entity that owns or runs a given business that is the genuine expert.

The potential business client’s role in the survey process is crucially important! It is the given business that has most to gain from the process. The ideal end result is not the purchase of some single policy or just adjusting various insurance limits. The objective is to end up with a complete insurance program that allows a business to get the most out of its insurance investment while minimizing/mitigating its vulnerability to possible losses.

In order to increase the chances of achieving the above ideal result, the business has to be fully engaged with the survey. Too often a surveyed business may treat the process as a distraction or a necessary evil. Like so many efforts, the payoff is highly dependent on the accompanying commitment. Without a strong commitment, any program will likely be flawed and ineffective.

Yes, taking the time to participate with an insurance professional in a survey can be time-consuming and tedious. However, the same is often true of creating a successful business, the need for time and repetition. Consider the benefits:

A survey allows an in-depth examination of the participating business. It can be similar to taking a current picture of what is going on and realizing that your last image of your operations was outdated and inaccurate. Businesses growth and maturity involves changes. Changes create additional risks that may go unrealized if not analyzed.

Taking the time to answer questions about one’s operations often means greater awareness about risks that may have evolved, as well as others having diminished. Therefore, time and resources can be more accurately deployed to address current vulnerabilities.

Of course, deep survey participation also demands choices. Insurance is one tool for addressing risks and it comes with significant costs. Financial resources for all businesses are finite, so selections have to be prioritized to secure coverages that are both adequate and affordable.

Survey participation can also assist a business to learn about newer, emerging risks. Some may be found to have the potential to be significant threats. Again, greater risk awareness allows making informed decisions on how to best protect one’s company.

It is invaluable for a business to be open to the chance to participate in an insurance survey. Partnering with an insurance professional to create or enhance an insurance program allows a business to take greater control of how they face their risks. It may result in the most effective use of their resources and add to their resiliency when losses do occur.