SRC has assisted one of its clients to conclude negotiations on a new US insurance policy. Their current insurance policy restricts them to making placements in just one State, and when they recently had a claim, the insurer refused cover.
With SRC's assistance, a new insurance programme has been put in place which meets the future needs of the business.
Following the final call and after issuing formal instruction to the broker, the CEO said:
"We took the decision to appoint Stephen as our Business Advisor as we wanted to use his expert knowledge and experience of US insurance. SRC worked very closely with the management team and broker.
We now have a new insurance policy that is all-States and is fit-for-purpose. This gives me the comfort that it will respond to potential claims in the future, which is an excellent result and enables our business to launch its strategy for exponential growth in the US.
It is unlikely that we would have achieved such a result without Stephen's assistance. SRC will continue to support the business with client negotiations to ensure our contracts are aligned to the insurance policy and minimise our risk exposure."
I am pleased that SRC was able to play a key role in managing this successful project. It shows the importance of appointing a knowledgeable Business Advisor, who could lead from the front and guide them through the complex maze of the insurance process.
As I said in a previous Blog, engaging a Business Advisor can improve your chances of success as they can offer the following:
📌 Expertise
📌 Objectivity
📌 Risks Mitigation
📌 Encouragement & Support
📌 Network & Connections
📌 Hold you Accountable for achievement of your goals
Importantly, the client was prepared to take a step backwards, to then be able to take even bigger steps forward ! What do I mean by that ? They understood that some of their legacy contracts contained onerous contractual liabilities that meant insurers considered them unattractive.
By taking the decision to exit these contracts, suffering the short term financial pain, they will be able to reap long term financial rewards (and a better night’s sleep) knowing they have a business with reduced risk that is set up for success.
If you think SRC can help you mitigate your risks and enhance your compliance through the adoption of best practice, then please feel free to contact me me and we can have a chat.
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