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August, a good month for house cleaning — Risk Management and Insurance.


August is the 8th month of the year.

Some call it the last month for summer vacations.

Some call it a back-to-school month.

We call it a house cleaning month.



House cleaning as in reviewing your business operational risks to determine areas of vulnerabilities to redress. Redressing in the form of hardening your physical assets, improving operational processes, assessing, revising, correcting, and implementing risk management controls and preventive measures.


House cleaning as in evaluating your business opportunities, to capitalize on new partnerships or markets penetration, to undertake expansions, additions, or divestitures, to add new employees or evaluate employee and management structures.


House cleaning as in checking to ensure that all your business and home electronics, electrical systems, internet of things (IoTs) are working properly. Burglary, carbon monoxide and fire alarm systems, as well as fire extinguishers are checked. Leakages are fixed, and business and family cars undergo maintenance and tune ups, as necessary.


House cleaning as in reviewing insurance policies for gaps in coverage, missing endorsements, corrections, updated exposure value, errors and missing signatures.


Has your business expanded or downsized, have you purchased new equipment, added a new business space, moved, acquired or sold an entity, or have your properties become vacant?


Any material changes that have occurred in your business since your last policy inception date should be discussed with your agent, broker, or insurer. If you have not done so already, the month of August is a good time to do so.


Have you added new structures to your house, purchased or received valuable items, hired domestic employees, purchased new toys i.e., boats, yachts, motorcycles, recreational vehicles, and more, or has a property you own become vacant?


Any material changes that have occurred in or to your home since your last policy inception date should be discussed with your agent, broker, or insurer. If you have not done so already, the month of August is a good time to do so.

The month of August, let’s manage risk properly, get protected, and get back to business.


 

We have gone a little rhythmic in style with this article however, the takeaway is that, while addressing risk issues and reviewing insurance policies are essential at any time, the month of August presents an opportunity to make conscious efforts to catch up, clean up, and ensure that things do not fall through the cracks. When they do, your insurance and risk can be adversely affected and your risk impact can increase.


In a nutshell, August is a month for Risk Management and Insurance due diligence. If you are on the fence as to where or how to begin, give us a call.



At Axios Risk Solutions, LLC., we help small and medium-sized enterprises, families and individuals minimize and manage their business risks through tailored risk management strategies and protect their business and assets through a variety of insurance solutions in the market. To request a quote or speak to a broker, call us at (404) 480-0272.



Author: Sandra Owusu-Fianko

​Sandra Owusu-Fianko, is the Principal and Risk Advisor at Axios Risk Solutions, LLC. She has extensive experience in the insurance industry and a MS degree in Enterprise Risk Management. She is passionate about finding appropriate risk management and insurance solutions for her clients.

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