Posts Tagged ‘Bio-Tech’

Errors & Omission (E&O) or Malpractice (Professional Liability) Insurance

October 26, 2012

Attending a seminar is always of value to me, even if I don’t receive “continuing education credits” (in this case, I did and it is a necessary part of my annual license renewal as an insurance broker) but there are many times I choose to attend seminars, webinars, etc. for general knowledge and the amount of information that is available online is phenomenal so why not use what I can to learn more and share with my clientele?


On this particular occasion, however, I attended one, in person, and was lucky enough to see several people I’ve known for many years and, subsequently, had a chance to converse with some of them.  What I find strange, though, is that insurance companies should truly understand the broker audience they have and relate to them.  To talk about products that are so far above the level of knowledge of the broker audience and then suggest that those brokers should be submitting that type of business is not just ridiculous but amazing. 


I was asked a question by one of my many online friends to define “good customer service” and I used the above situation to enable me to respond.  Why?  The questioner was a paralegal and the type of product discussed at the seminar was Errors & Omissions (E&O) Liability Insurance which most of the insurance broker audience will rarely sell so how much knowledge and experience will that salesperson truly have?  I have many clients who need and buy E&O and we shop the various markets for them to locate the best available coverage and pricing.  These clients range from Property Managers to Environmental Consultants to Contractors, Manufacturers, Alarm Installers, Bio-Tech, Business Continuity Planners, etc. and you can now see the wide range of my expertise.   


Someone once told me that the greatest reason for seeing a “malpractice” (errors/omissions) suit/claim is that YOU aren’t meeting a client’s expectations!  How many businesses set, as their business goal, to “meet or exceed the customer’s expectations”?  Well, it is obvious to me that there is a gaping discrepancy here and it is not because “we” aren’t, in many cases, doing “our jobs” but understanding what the client anticipated being delivered.  AND, the big item to remember is that anyone can sue for this (whether any of us are truly guilty or not) and legal defense costs mount very quickly! 


That is the reason for so many lawsuits in the areas of Professional Liability – we all think we know what is best for the client but there is a complete breakdown in communication between what our clients want, expect and what we are delivering!  This is why it is imperative that “we” buy Errors & Omissions (E&O) Liability Insurance because just imagine the cost a lawyer will bill you when you feel you are innocent and he still needs to defend you in a court of law.  How many hours of work will be necessary to spend on your file (and invoice you for)?  What is the going rate for a good lawyer in this specialized area of law? 


I hate to say that E&O insurance premiums are significantly lower but…isn’t it time for us to now discuss?

Looking for a true business partner who is interested in helping YOU succeed?

October 25, 2012

When navigating Highway 401 recently, I thought about work.  For me, this is easy and I soon forgot about the stresses of rush hour traffic on a Friday evening.  Driving 350 kms to visit my wife’s family, knowing that I’m going to enjoy a weekend feast fit for a king, also helped; anyone who knows me knows my appreciation of good food accompanied by some fine wine.


I can identify almost anything with the business of Risk Management and I saw many drivers who were distracted, inattentive to the point that if I was a member of our “illustrious men in blue”, it would have been so very easy to ticket drivers for violations other than speeding.  Glancing, as a defensive driver, makes it easy to see what vehicles I should avoid – the drivers who tend to stare at their laps instead of the “stop and go” traffic indicated to me that someone is paying closer attention to an electronic device (maybe a Blackberry?) or similar item.  Yes, I did see several drivers looking down for extended periods of time instead of through the windshield.


But that is not the reason for writing this.  I realized the last while that I have not been blogging and this has me wondering why?  To begin with, I don’t have a shortage of ideas – on the contrary, I have an abundance of thoughts that could be written about.  So what is my problem?  Is it time management?  I know that I need to set aside time – each day – to write for just a few minutes.  But this is the key item here!  Tweeting and posting to G+, FB, LI, etc. a lead-in to my blog takes much more time than just authoring the original article.  Pinterest is a fabulous tool but, somehow, I need to use it to increase my online visibility even more.  My “learning” about Social Media seems to be the true obstacle but I hope a manageable one that I will overcome in the very near future. 


I work with Canada’s “oldest insurance brokerage” but the 21st century brings so many opportunities that I need to relate how to use these technologies in my own business – identify my Vision, develop niches and work with those people and businesses who want my specialized skills and training to reduce their “total cost of risk”, not just their insurance premiums for this year but the risks of operating their business for the short and long term.  I live and work in “Canada’s Technology Triangle” and this means that my own knowledge and training has been focused on IT, Start-Ups and cutting-edge business ideas from Life Sciences to Bio-Tech and Environmental Industries.


If you think you have a business that is leading in your field, let’s discuss!  I will work with you to determine what your expectations of an insurance broker may be but also identify areas in which I can assist you with increasing your sales, profits and value.  Isn’t this what you really want from all your business partners? 


As an insurance broker/risk manager, I will be your partner because I don’t earn any income/profit from you if you don’t succeed!  As a business partner with you, we both derive benefit – mutual and beneficial, and isn’t this the best way to work with each other?