Tony Scurich, Principal/Broker – Scurich Insurance – Part 2
Tony has been in the insurance business since 1981 and with Scurich Insurance since 1983. He feels the biggest misconception that the public has today about insurance costs is that a cheaper policy is better; however it is not always the best policy. The public has a perception that insurance agents just try and pad their bank accounts, when really they are just finding gaps in coverage for a customer. This benefits them if a claim is filed in the future, so they are adequately covered.
Tony says that the most critical coverage for a young family is life insurance, especially when you are younger, because it is cheaper to obtain. For an elderly person, long term care is most important and businesses need to have sufficient liability coverage and business interruption. Tony feels the Scurich Insurance brings a lot of value and education to their customers with a staff that is always there to understand and solve customer issues.
Compliance – responding to the introduction of new health and safety legislation
Financial -non-payment by a customer or increased interest charges on a business loan
Operational – the breakdown or theft of key equipment
These categories are not rigid and some parts of your business may fall into more than one category. The risks attached to data protection, for example, could be considered when reviewing both your operations and your business’ compliance.
Other risks include:
Environmental Risks – including natural disasters
Employee Risk Management – such as maintaining sufficient staff numbers and cover, employee safety and up-to-date skills
Political and Economic Instability – in any foreign markets you export goods to
Health and Safety Risks
Commercial Risks – including the failure of key suppliers or customers