Insurance is a Risk Transfer Tool
It amazes me how little many directors take an interest in their company’s insurances. From a risk management viewpoint is a risk transfer tool, pay the premium and let the insurer cover the risk by transferring it to them.
You should ask management for a list of all current insurance policies and their expiry date and amount of cover. Do you have these policies?
There may be other policies specific to your industry, so ask you your broker or lawyers for advice. Check the limitations or exclusions on all policies and if the amount of cover is in line with current industry claims or not.
It is important that all directors take a close interest in the insurances their organization has and use it as a risk transfer tool.
Remember if I can be of any help to your business simply email at info@tappadvisory.com.au or ring me on 0411111588 and I will be happy to assist, at no cost to you.
Warren Tapp
Tapp Advisory, Business Consulting Gold Coast.
Business Profits Made Easy.
Resources from the Tapp Advisory Store:
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Board Basics – Hard Copy – A simple introduction to the roles and responsibilities of Directors on Boards. It is a non- technical book you can use as a handy reference guide if you report to a Board, or you are appointed to one in Australia. It is a 68- page paperback.
Questions for Company Directors – Hard Copy
The book ‘Questions for Company Directors’ is a simple handbook to inform directors about the questions they need to put to management as part of their oversight role.
Directors should keep this book handy at all times – and keep asking those questions!
You may be interested in…
Club Board Training to improve your Club Governance
Club Governance Online Training Program is for all Board and Committee Members
Does your Organisation’s Board, Committee and each of the Directors know how to do their jobs?
Now there is a solution to ensuring your Board or Committee know how to do their job and protect your Organisation!
Club Governance Online Training Program is for all Board and Committee Members
Does your Organisation’s Board, Committee and each of the Directors know how to do their jobs?
Now there is a solution to ensuring your Board or Committee know how to do their job and protect your Organisation!
Got a question? Or need a hand?
Please contact me for an obligation free chat.
