ReleaseWire Connect

When it comes to dispensing business wisdom, Malcom Forbes once said, "It's so much easier to suggest solutions when you don't know too much about the problem." False claims or unvetted information can be detrimental, particularly for niche industries that rely on experienced specialists to guide their decision-making. This is certainly the case in the highly specialized renewable energy sector. Companies cannot afford to partner with commercial insurance providers that have no experience in this industry.

Most businesses are aware that specialized insurance coverage is fundamental. Of the three main areas of coverage—worker's compensation, liability and property—which is most crucial? Although all are important, many experts agree that commercial property insurance can be the difference between a company going under and staying afloat during a disaster or hardship. The Small Business Chronicle ranks it as one of the most important investments a company can make.

From all perspectives, record inflation, monetary tightening and increased geopolitical risk have prompted many companies to take a closer look at how adept they are at confronting crisis. The ability to absorb shocks and pivot quickly requires innovative thinking. At the forefront of these fresh new strategies is the eMaxx Assurance Group of Companies, which has announced its 2023 Risk Management Summit: Reimagining Possibility, October 15-18, at The Boca Raton in Florida.

It's easy to get into a rut, and businesses are no exception. Even Harvard Business School recognizes this fact. A recent Harvard article titled "Novel Risks" warns executives of this complacency.

It's easy to get into a rut, and businesses are no exception. Even Harvard Business School recognizes this fact. A recent Harvard article titled "Novel Risks" warns executives of this complacency. Most business owners are fairly good at managing hazards by decreasing their likelihood and impact. But the routineness of these protocols sometimes prevents even the best managers from recognizing truly important events and problems when they occur. Consequently, they are not equipped to respond rapidly to novel risks.

For mainstream retail or traditional market companies, the need to protect property, equipment, inventory and personnel is obvious and straightforward. These industries are typically easier to insure, and policy writing is more straightforward. Niche markets, on the other hand, face unique challenges based on the work they do. Industries such as transportation, towing, waste, recycling, energy, utilities, construction and even crane & rigging have a host of special concerns that can make underwriting complex. Their industries may not be housed in brick-and-mortar retail outlets, but their stakes are just as high. Arguably, these businesses have an even greater need for top-notch safety and loss prevention programs. Industry leader eMaxx provides both. How important is safety insurance in niche markets? The significance cannot be overstated. In the towing industry, for example, safety and insurance are inextricably linked. By prioritizing risk management, companies can improve driver behavior over time, build employee morale, keep operators safe on the road and protect and maintain equipment. eMaxx provides some of the most innovative programs in the business, with a knowledgeable team of experts who are up to date on federal, state and local transportation regulations and motor carrier enforcement protocol. Moreover, because they are a tech-enabled company, eMaxx implements state-of-the-art technology to mitigate risk. From telematics to online training, certification, incentive programs and digital fleet management tools, these offerings can prevent injury and death. Moreover, they save money and increase underwriting profitability. Ultimately, they can save a business and help it flourish. Loss prevention is equally important as safety programs in niche industries. After all, loss is shrinkage for any company. What is loss prevention? Simply stated, it encompasses all measures a company takes to control and reduce hazards Losses can be direct (e.g., accident or fire) or indirect (interruption of business). In niche markets, the risks often loom larger than in traditional settings. Construction companies, for instance, face daily worries of theft, vandalism and damage to high-value, hard-to-replace equipment and tools ranging from trailers to trucks, rigs, cranes, bulldozers, pavers, front-end loaders, storage units, sheds, officer trailers and more. In the waste and recycling market, The Institute of Scrap Recycling Industries has even set up an early-warning system for companies to help them search for stolen metal. Clearly no niche industry is immune to loss. Locating an expert loss prevention group makes fiduciary sense. A recent McKinsey report finds that costs per claim are soaring, with a roughly $30 billion increase in recent years. Financial risk drives up premium costs, but proactive strategies can counter these trends. Crafting the right policy is a layered process that involves a commitment to safety and loss prevention. eMaxx believes in tailor-made partnerships, not one-size-fits-all products. Contact their experienced team today to learn more.

When a business opportunity is labeled 'exciting' or 'dynamic,' most savvy executives take notice. In 2022, captive insurance is getting this recognition.

When was the last time your company assessed its risks and the technology to combat them? Most businesses don't spend enough resources—time or money—on these important factors and, unfortunately, pay the price down the road. Clearly, the issue of using innovation to combat threats and drive down commercial insurance costs is complex in an ever-changing global economy. But there is a place where the solutions to these concerns are presented all under one roof in one amazing weekend at one of the nation's most luxurious resorts. It's all happening at the premier Risk Management Summit, "Igniting Tomorrow," sponsored by industry leader eMaxx Assurance Group of Companies, Oct. 9-12, in Scottsdale, AZ.

The co-founder of Google, Larry Page, once said, "Always deliver more than expected." Good advice. In a way, that's what a comprehensive commercial insurance wholesale program can do for its clients when administered effectively. This is especially important for mid-sized and small businesses who, because of their "difficult-to-place risks" and specialized industries, find it challenging to obtain solid coverage. For these companies, eMaxx is a welcome ally.

Processing insurance claims can be a financial burden for most business owners, especially for small and mid-sized companies that have struggling to stay afloat in recent years.