Managing Your Risks - Rutherfoord Insurance

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Managing Your Risks - Rutherfoord Insurance

  1. 1. Adventure Tourism Entrepreneur Workshop “Managing Your Risks” Presented by Zak Kephart Rutherfo o rd A Marsh & McLennan Agency October 19, 2010
  2. 2. Overview <ul><li>Rules </li></ul><ul><li>Exposures </li></ul><ul><li>Managing the Risk </li></ul><ul><li>Appetite for Risk </li></ul><ul><li>Factors that Affect Pricing </li></ul><ul><li>Open Forum for Questions… </li></ul>
  3. 3. Rules <ul><li>“ Don’t Risk a Lot to Save a Little” </li></ul><ul><ul><li>Every business needs liability coverage </li></ul></ul><ul><ul><ul><li>$1,000,000 of liability coverage is very affordable </li></ul></ul></ul><ul><li>“ Self Insure the Small Losses” </li></ul><ul><ul><li>Transfer the Risks that can jeopardize you financial future </li></ul></ul><ul><li>“ Insurance is Not a Four Letter Word” </li></ul><ul><ul><li>It just feels like it </li></ul></ul>
  4. 4. Exposures Unique to Outdoor Activities <ul><li>Insect and Animal Bites </li></ul><ul><li>Fire Safety </li></ul><ul><li>Emergency Response </li></ul><ul><li>Weather issues resulting in loss of business </li></ul><ul><li>Boats </li></ul><ul><li>Climbing equipment </li></ul>
  5. 5. Managing Risk <ul><li>Retain the Risk </li></ul><ul><ul><li>Self Insurance </li></ul></ul><ul><li>Transfer the Risk </li></ul><ul><ul><li>Through contracts with customers and vendors </li></ul></ul><ul><ul><li>Purchase insurance to transfer risk to the insurance providers </li></ul></ul>
  6. 6. Coverages <ul><li>Property: Real Property, Business Contents, Property of Others </li></ul><ul><li>General Liability: Third-Party Property Damage and Bodily Injury </li></ul><ul><li>Automobile Liability and Physical Damage </li></ul><ul><li>Worker’s Compensation: Employees hurt on the job </li></ul><ul><li>Employment Practice Liability: Coverage for organization, its directors and officers, and its employees against claims alleging damages because of wrongful employment practices such as sexual harassment, wrongful termination, and unlawful discrimination </li></ul><ul><li>Sexual Abuse and Molestation Liability: Third party claims against an employee concerning misconduct of the stated insurance </li></ul>
  7. 7. Appetite for Risk <ul><li>What can you afford to pay for out of pocket? (Deductibles and Self-Insurance) </li></ul><ul><li>What limits do you feel comfortable with in order to feel adequately covered? ($500,000 or $1,000,000) </li></ul><ul><li>Make sure your business estimates are on par with the average for a similar object (Actual Cash Value vs. Replacement Cost) </li></ul>
  8. 8. Contracts <ul><li>Make sure contracts are reviewed by a trusted attorney </li></ul><ul><li>Obtain a hold harmless for claims arising out of subcontractors or vendors </li></ul><ul><li>Insurance will not cover all risk you assume under contract </li></ul><ul><li>Signed release </li></ul>
  9. 9. A Few Factors that May Affect Pricing <ul><li>Activities (I.e. rock-climbing and horseback riding are considered extremely dangerous) </li></ul><ul><li>Résumés and work history of supervisors and staff </li></ul><ul><li>Relative location to hospitals and fire stations </li></ul><ul><li>Safety procedures (first-aid training) </li></ul><ul><li>Transportation of clients- Passenger vans vs. shuttle service </li></ul><ul><li>Employee Handbook (Safety Program) </li></ul>
  10. 10. <ul><li>Thank you for your time, are there any questions? </li></ul>

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