Weathering the Storms

VeNita Schnebele, area president for Arthur J. Gallagher Risk Management Services in Eden Prairie, also suggests that employers reevaluate their risk. “When times get tough and prices are going up, those who have good safety programs in place, who are diligent about accident investigation, who are really good about hiring and training people—their rates are going to remain more steady, versus going up,” she says.

A prime opportunity to review coverage is during office renovation. “As businesses remodel or expand their facilities, they can make certain that they have fire protection and that they’re doing all the right things to protect their property and their equipment,” Schnebele says. She also stresses the importance of protecting intangible assets, such as customer information stored in databases.

In general, Kons suggests re-evaluating deductibles to see where you can save money. However, he stresses that businesses should never lower their limits, which represent the value of the company’s assets.

Exner agrees: “It’s never a good idea to decrease your limits. You shouldn’t be lowering the value of your property.”