Author Archives: efmagency

1.  Tech Talk

Know what technology the toy has, such as:

• A microphone
• A speaker
• Internet and Bluetooth® connections
• A pairable mobile app

…and ask yourself what the toy does.  For example, does it:

• Use artificial intelligence to recognize, listen to, and talk to your child?
• Record and store conversations?
• Take photos?

2.  It’s Personal

3.  Smart Sleuthing

Additional Tips to Remember

Risk Management Review:

• Evaluate and strengthen your risk management strategies. Carriers are more selective during a hard market, so demonstrating a robust risk management program can make you a more attractive policyholder. Identify potential risks, implement mitigation measures, and maintain thorough records of your risk management practices.

Raise Your Deductible or Self-Insure to Lower Premium:

• Self-insuring or opting for a higher deductible provides flexibility in risk transfer. Instead of relying solely on insurance, individuals can allocate a portion of the risk to themselves. This flexibility allows for a strategic approach to risk management, balancing the desire for cost savings with financial protection.

Policy Review and Adjustments:

• Reevaluate your insurance policies and coverage limits. Assess whether your current coverage aligns with your risk exposure and financial situation. Adjusting coverage levels, deductibles, or policy terms may be necessary to suit your needs better. Be proactive in communicating with your insurance provider to explore options that meet your requirements.

Loss Prevention Measures:

• Implement measures to prevent losses and claims. Insurers may look favorably upon policyholders who take proactive steps to minimize risks. This could include investing in safety programs, employee training, and adopting technologies or practices that reduce the likelihood of incidents. Demonstrating a commitment to loss prevention may lead to more favorable terms and conditions.

Maintain Strong Communication with your EFM&A Team:

• Cultivate and maintain open lines of communication with your insurance providers. Establishing a solid relationship can be beneficial, especially when insurers are more selective in a hard market. Keep your insurers informed about changes in your business operations, safety initiatives, or risk management practices. Building a positive rapport may contribute to more favorable terms and better understanding in case of a claim.

Important things to remember during a “Hard Market”:

• Hard markets are cyclical. This is good news because we know it will eventually pass. The bad news is we don’t know exactly when. But there are ways to adapt during hard market times. 
• During a hard market, there may be fewer insurers competing for your business. Fewer options affect prices, the type of coverage, and the overall level of coverage. This is not a guarantee but, rather, a possibility. 
• Your coverage might be more expensive, or you might see a reduction in the amount of your policy limits. We will work with you to explore all of your options, and to make adjustments accordingly so you can maintain the protection you need at the best price.

• Financial Protection: Coverage for financial losses due to cyber-attacks.
• Legal Assistance: Support and guidance in navigating legal complexities.
• Data Breach Response: Coverage for breach-related costs and services.
• Reputation Management: Resources to restore reputational damage.
• Risk Assessment and Prevention: Services to assess vulnerabilities and enhance security.