Disasters Raising Questions of Insurance Adequacy

ADJUSTING TODAY

...compensation costs at some point down the road.

Also, in planning before such a loss occurs, the possibility of such an occurrence should be considered in deciding what sort of workers compensation program to adopt. In this regard, it is a good idea to seek the advice of experts in this complex area of risk and financial management.

…

With all of the other challenges a business owner or manager must deal with today to keep their operation successful, it would be comforting to think that a disaster —natural or otherwise—isn’t one of them. But reality, especially of late, suggests otherwise. If there is good news, however, it is that a thoughtful and thorough approach to risk management and insurance planning can help prepare an organization to survive such an occurrence.

That calls for understanding the nature of losses the firm could sustain and their implications, as well as the latest insurance mechanisms available to protect against them.

For owners and managers, it should be among the highest of priorities. For brokers and other insurance professionals, there is no more important service they can provide to their clients.

With all of the other challenges a business owner or manager must deal with today to keep their operation successful, it would be comforting to think that a disaster—natural or otherwise—isn’t one of them. But reality, especially of late, suggests otherwise.

The Authors

Donald S. Malecki, CPCU

Mr. Malecki is a principal of Malecki Deimling Nielander & Associates, LLC, an insurance and risk management firm. He began his career over 50 years ago and has held the titles of insurance underwriter, broker, insurance company claims consultant, archivist, historian and teacher.

Paul O. Dudey, CPCU

Associated with the insurance industry for more than 50 years in a variety of roles, Mr. Dudey was associate editor for over two decades of The Fire, Casualty and Surety (FC&S) Bulletins , published by The National Underwriter Company. Earlier in his career, he had worked as a risk analyst, an underwriter and a broker.

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Sheila E. Salvatore

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