kirk0726

BY JOHN CATTAU, MANAGING PARTNER OF KIRK CREEK INSURANCE SERVICES, LLC

It’s 7/4 time. 

It hits you differently from the usual 4-4 beat.  1-2-3-4, 1-2-3.  You know it: The cash register ringing, ripping and clanging launches Money, a Pink Floyd masterpiece from Dark Side of the Moon.  It was written before the band became popular—a satirical statement about greed and materialism.

It stands out largely because it follows a different rhythm (save for the amazing guitar solo in 4/4 time).

A lesson for us business owners in how we might think differently than the herd. As in: Turn down the volume on “My premium is too high!” and crank it up on “What can I do to reduce risk?”

Here are 7 prompts to get you thinking about unconventional risk management approaches:

1. Conduct an Annual Insurance “Tune-Up”. What has changed in the last year?

2. View Cyber Insurance as Business Continuity Insurance.  How long could you operate if things went south?

3. Insure Your People.  Who keeps the business running?

4. Use Certificates of Insurance Strategically. Trust but verify insurance you may be relying on.

5. Don’t Grab the Lowest Deductible. Some risks might be worth retaining.

6. Review Replacement Costs—Not Market Values. Could you rebuild after a major loss?

7. Prevention. What could we do today to prevent a claim from occurring?

Ironically, Pink Floyd became very wealthy partly due to its mockery of greed, in lyrics we all know:

Money

It’s a crime

Share it fairly but don’t take a slice of my pie…

 BTW, Happy 250th USA.  It’s 7/4 time.

John Cattau, Managing Partner of Kirk Creek Insurance Services, LLC is a New York State licensed insurance broker BR-1917908. He can be reached on 929-456-2265.  Visit www.kirkcreekinsurance.com for more information.