Who Can Benefit from Risk Management Advisory Services?

Thu Aug 10th, 2023 on     Insurance Claims,    

While most business owners attempt to conduct their operations in a way that is compliant with all laws and regulations, the truth is that it is often difficult for business owners to recognize all the pitfalls that threaten their livelihood. At Ver Ploeg & Marino (VPM), we concentrate our practice on helping policyholders recover the compensation they are owed under the terms of their policies. As part of our commitment to empowering all policyholders, we offer comprehensive risk management advisory services. These services allow us to provide businesses with the knowledge and protection they need to operate their company in a way that insulates them from foreseeable liability risks.

To learn more about the full spectrum of services offered by VPM, contact us and schedule a consultation with a Miami insurance litigation lawyer at our firm. 

Small & Large Businesses Should Consider Our Risk Management Advisory Services

Many small business owners believe that due to their size they do not need a Miami insurance litigation lawyer to provide their business with risk management advisory services. They also believe they should not invest their funds in this type of preventative service as they doubt they will be the target of any type of conduct that would put their company at risk. This is not true. Even small businesses can face situations that have the potential to affect their finances negatively, and unlike larger businesses, they typically lack the ability to take a huge loss and still remain operable.  

Larger businesses face many threats from both outsiders and even those that work within the business. They are also generally responsible for large amounts of property or money and need to ensure all necessary precautions are taken to maintain these assets and minimize their risk of loss. 

How Failure To Perform A Risk Management Assessment Can Result In Harm

A business that chooses not to have a risk management assessment performed faces many dangers as there can be several different types of harm that result. 

Financial harm is the type most often thought of when you consider a business suffering a loss. It can result in many different ways from property not being insured under the right type of insurance. For example, if a large amount of inventory is destroyed in a flood, and the business is not covered by a flood insurance policy, the owner can take a significant financial hit. 

Reputational harm is another type that many business owners fail to consider, and it can happen in many different ways. For example, if a business fails to take the necessary precautions to protect the private information of their customers and even their employees, and this information is breached, they can suffer harm to their reputation. The same type of harm can occur if it is determined that the board of directors of a company has been embezzling client money for their own personal use. 

Reputational harm can be difficult to overcome. Once a certain brand or company is thought of in a negative light, reputation recovery can be difficult. 

In many instances, the financial and reputational harm suffered by a business could have been prevented if it had invested in the risk management advisory services offered by a Miami insurance litigation lawyer from VPM. 

A Miami Insurance Litigation Lawyer From VPM Discusses Risk Assessment Benefits

There are many benefits to having a risk assessment completed for your business. Even if the assessment does not uncover any deficiencies in the way your business is being conducted, you will have peace of mind in knowing that your company is well insulated against risk. In cases where the assessment performed by a Miami insurance litigation lawyer does reveal some weaknesses in your business operations, you can learn about ways to strengthen and protect your company. 

Your Business Needs Can Be Brought Current

Sometimes business owners, especially small business owners, take many precautions when first setting up their business to ensure that are compliant with all laws and are properly protected. However, as time goes on, they fail to conduct reviews to ensure that the insurance policies they purchased when the business first opened still serve the needs of the current business. Business needs change as the business grows and what may have been the best option of insurance policies in the beginning is not the best option further down the road. Also, bear in mind that laws and regulations are constantly evolving, and as they do so, a business’ needs may shift. Because of this, consultation on a regular basis with a Miami insurance litigation lawyer at VPM can help ensure your business is kept up to speed with all laws, rules and regulations that apply to it. 

Consulting With A Miami Insurance Litigation Lawyer Helps You To Promote A Sense Of Employee Appreciation & Thwart Wrongdoing

Employees like to feel appreciated and they like to know that their employer is vested in the company for which they work. By having a risk assessment performed, a business owner sends the message that they are looking out for the best interest of the employees, customers, and the future of the company. 

Also, if there are employees or contractors that are looking for the opportunity to line their own pockets by stealing from the company, having a risk assessment performed sends them the message that they are being watched and precautions are being taken to prevent the type of conduct they are considering. The knowledge that their employer has a Miami insurance litigation lawyer performing a risk assessment is likely to thwart theft from employees.

Speak With A Miami Insurance Litigation Lawyer At VPM

If you have questions regarding our risk management advisory services or want to schedule a time to meet with us to schedule a consultation regarding our services, please reach out via our contact page. A Miami insurance litigation lawyer at our firm can advise you of your options and help you make decisions that will protect you and your business.

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