Scott Simmonds - Insurance Newsletter

Expert Risk Analysis and Mitigation
www.ScottSimmonds.com

January, 2008
Issue #92 - Since 2000

Workers' Comp Tip from My New Book - Simmonds on Workers Compensation Insurance:

Have Your Insurer Assign One Adjuster to All Your Claims - If you typically have several workers’ compensation incidents a year, it is best to have one adjuster for all of your claims. Establish a relationship with the adjuster and let him become familiar with your operation. Some insurers will assign one adjuster or team to your medical-only claims and a separate adjuster on claims involving lost time.

Agents - contact me about discounts for multiple copies of my book. Many agents have bought the book for their clients.

Time-Risk Management

I've studied risk for more than 25 years. Much of my work, obviously, involves the use of insurance products.

Financial risk directly impacts an organization's financial statements. The loss of a building due to fire or the impact of a lawsuit are both examples of financial risk. Most insurance products address financial risk.

Qualitative risks affect the quality of an asset, a business operation or your lifestyle. Qualitative risks are more difficult to address. They include such issues as the loss of the talented person or the loss of market share to a competitor.

Inefficiencies and wasted time are also a qualitative risk. Forcing your employees to use insufficient or antiquated technology reduces the quality of your operation as do ineffective people.

I see time as a risk issue. Time is extraordinarily valuable. There is in no way any of us can get more time. Therefore, the effective use of time presents, perhaps, the ultimate risk.

So, does working hard and using every second reduce time-risk? Certainly not. I spent time this morning snowshoeing in the woods. I could have been shoveling the walkways (certainly hard work) or I could have been writing this article (by most standards, a good use of time).

The key is valuable actions.

Snowshoeing this morning was valuable to me at that moment in time. Right now, writing this article is valuable to me - and ultimately, hopefully, to you.

In the past I mentored kids at our state youth detention facility. We often talked about the virtue of doing the right things, at the right time, in the right ways.

Peter Drucker said, " Efficiency is doing things right; effectiveness is doing the right things."

Hard work by itself does not mean valuable work. It is also not a matter of working smarter. It's about working in a way that provides extraordinary value - value as perceived by a customer, by a boss, or by your organization. It's also actions that are valuable to you, your family, and your community.

Consider your time-risk.

School Bid Process Whitepaper - Updated - How school districts and departments can take some of the pain out of the insurance bid process.

Simmonds on Bank Insurance - My book covering all aspects of bank insurance - bond, d&o, property, workers' comp, mortgage impairment, forced placed property, liability, and e-banking. I include sections on selecting agents, the bid process, and a glossary. A practical and useful reference for bankers who manage their bank's insurance program. More than a few insurance agents are buying the book too.

Workers Comp Tool - ModManager - Understand Your Experience Mod - Learn the details of your experience modification and how your employee injuries impact your premium.

Work Comp Experience Mod Video Explanation - Understand your experience mod worksheet

Maine and Other Stuff

I mentioned my snowshoeing trip this morning... Like many in Maine, I am lucky to have woods and trails behind my house. During the warm months, I walk. Winter means snowshoes.

Yesterday we had a great storm - about a foot of light, fluffy snow.

I was out for about an hour this morning, tromping through powder that was completely untouched with a sky as blue as any I have ever seen.

Spectacular!

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Since I started my consulting practice, eight years ago, I have been privileged to work with, learn from, and meet some of the best business minds in the country – consultants of all kinds – marketing, management, technology, etc. One such thought-leader is Dan Coughlin of Fenton, Missouri.

Dan recently produced a white paper that covers his interpretations of the business lessons included in Alan Greenspan's new book, The Age of Turbulence. I thought the paper might be of interest to my friends, clients, and business associates.

You can find the paper at http://www.thecoughlincompany.com/economist_management_consultant.pdf

Dan's comments spurred me to read Greenspan's book. It's a fascinating history and commentary on the economics of the late 60's through today. He includes his interpretation of events and gives the reader his ideas of what the future might bring. I recommend the book highly.

Do You Have the Right Insurance? Contact me to discuss an unbiased review of your insurance program. Do you have the right coverage? Can your policies be fine-tuned to improve the protection? Can changes be made to ease the administrative burden insurance causes? Are you getting the service you should from your broker? I can help. Remember, I don't sell insurance so I'm unbiased.

Need a Speaker? I'm pleased to speak to trade, business, or service associations about insurance topics. See my speaker's page.

Please Forward This Newsletter To Your Business Associates

Scott Simmonds, CPCU, ARM, CMC
Insurance Consulting
Phone 207-284-0085
Fax 802-992-4027
Scott@ScottSimmonds.com
www.ScottSimmonds.com

See My Insurance Blog - www.InsuranceBuzzer.com

Comments regarding insurance policies or products in this newsletter do not constitute an endorsement. I accept no fees of any kind from any company mentioned in this newsletter.