A review of the September networking evening by Deborah Valentine of a hand in The Hague.
Possible Insurances_imageThe title already says it: the networking session on Insurances was anything but dull or boring, and while the silence at the end was a mere reflection of having our minds put to work, the journey through the presentation was not so silent with questions being adeptly fielded, and stories and experiences widely shared.
The subject of insurances may not top the list of an ‘entertaining’ topic, but with a rolling introduction by Julie, Inge Zweerts de Jong our speaker at the September networking event was on a roll. Inge quickly set us all at ease, and had us thinking not about insurances, but rather, about the risks of our business. For, insurances are one thing: but do we know what we need, and why?  We were asked to consider insurance not as a dark and scary place, but one which offered protection – and in order to assess what protection we need, well, we need to review the risk factors of our activities, and which ones we could avoid, decrease, transfer or take.
And, she pointed out. These can, and do change. Whereas a few years ago insuring our data, databases and information would perhaps have been a primary consideration, today, with the cloud there are others ways of mitigating against the loss of this information and its impact on our businesses. She added by the way, for those who do not make use of the cloud: take advantage of this risk reduction alternative if data is necessary for your business.
What about web shops? Where is your stock kept? How much stock do you have at any given time? And, should this go up in smoke (as it were) what impact would this have on your business. Anouk pointed out that, for several reasons, her stock was kept low – so in this regards part of her concurrent risk, was also low, decreased.
Inevitably the discussion turned to disability insurance, one of indeed the more expensive ones. Inge suggested, again, to review the risk of loss of income against what your actual needs would be and to keep in mind that there may be options. Accident insurance for instance.
While not stating it in so many words, Inge did suggest that with the exception of disability insurance, premiums are not outrageous, and are, again, related to the level of risk you consider exists, and are willing to take. Want to cover each and every eventuality, then yes, higher premiums may be the result. Can you cover some of your risks in other ways, i.e. cloud for your data, then premiums will come down.
Whatever the case, using an insurance broker not only offers you the chance to consult an expert in reviewing your risk, but provides you with an advocate for when it could go wrong – and who in cases of a claim threatening your reputation, also plays a role in mitigating this risk: ensuring solution found without prejudice to your reputation.
In closing what resulted in a most lively discussion, I was left with this telling statement from Inge, who, in the interests of disclosure, is and has been my insurance broker for some time: “lots of grey is my new black.” Give her a case to weed through the fine print and protect her clients and she is at her happiest!
Want to take a preliminary review of your risks? WBII Members can take advantage of a free intake session with ZJHT Risk and Insurance Specialists.