Managing a crisis in your business
Managing a crisis in your business.
Being in business in today's environment is hard work, with the businessperson having to keep a close eye on many aspects of the business, from marketing to cash flow and compliance. The estimated rate of failure increases dramatically following a major event such as flood, fire or significant storm damage.
Owners are now faced with additional tasks at a time when they have just suffered a major trauma. Market share needs to be protected, staff morale maintained, rebuilding managed, sourcing and replacement of stock organised and, of course, management of the claims process. Each of these additional tasks can be a full time job in itself.
You need to have a crisis management strategy and I consider the first part of this strategy is to appoint a loss manager/claims preparer. Some people may not be familiar with this term; when a major loss occurs the insurer will appoint a loss adjuster to adjust the claim on its behalf. The loss adjuster is appointed by the insurer and gives the appearance of working for them. A loss manager/claims preparer is appointed by the insured or their broker and should be someone with accounting qualifications and years of crisis and loss management experience.
Most people are not aware that the cost of this loss management service is usually covered by their insurance program. A good loss manager will not merely qualify the loss and present to the insurer via the loss adjuster, but will provide management advice, emotional support and introduce trusted contractors.
I can not emphasise enough how much difference this will make to the management and outcome of your claim. Your broker should be able to recommend a suitable loss manager or I highly recommend someone such as The LMI Group - www.lmigroup.com.
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