What struck me, as it has in many other circumstances, both business and personal, is, that while there is a general understanding of insurance and the purpose, there is a good deal of confusion in the details.  Too much coverage is an unneeded cost, like produce, purchased but not consumed.  Too little coverage or gaps can leave unnecessary exposure – ones that can ruin a business and more.

Risk is the uncertainty of loss.  Insurance is one way to minimize it by transferring the risk from you or your business to the insurance company for the price of deductibles and co-pays.  This is straight forward, but there is more to getting appropriate coverage.

Understand your risks.  How much you are willing to take and how you can protect yourself, your business and your investments, whether financial or otherwise are important considerations.  Keep in mind that while you can take certain measures to minimize it, you can’t avoid risk.  It is often out of your control – an act of nature to an act of good faith that went awry.

Keep an open mind.  Insurance is the most common technique of risk management and is typically used when there is no other effective way to protect against the risk of significant, if not unrecoverable, loss.  Don’t assume that you can’t get insurance or that it won’t be affordable.  Find out the answers before you make too many assumptions.

Ask questions!   If you don’t know, aren’t sure or don’t have it, ask questions so you understand the costs, so when something happens, the burden does not fall all on you.  If you can’t find a broker or agent who answers not only your questions, but what you are not asking as well, find someone who can.  Second opinions may be very helpful as well.  Look for professionalswho know the business and who know the law.

Only then, make informed decisions, ones that give you the coverage you need for peace of mind and protection of your valuable assets.  It’s not just about what you can afford.  It’s also about understanding what you can’t afford to lose and taking measures to avoid those risks.

Nielsen & Geenty Insurance Services, Inc. is an insurance brokerage specializing in lawyers professional liability insurance, including legal malpractice insurance, errors and omissions insurance, workers’ compensation insurance, and office package policies. Cedar Ridge, CA (877) 856-9231

This thought process started an avalanche of change in my business.  It’s actually had a double sided impact.  For me, I have had to slow down.  Taking the time to ask questions and listen for the answers has given me better focus, clearer understanding and has enhanced my management skills.  For clients, especially when there is an issue, they know that we will respectfully try to understand and resolve the problem.  When handled genuinely, a negative situation can sometimes be turned around to find one of your most loyal customers or clients.

All this should be easy, yet distractions and sometimes a simple lack of interest get in the way.  So here are some quick tricks.

1.  Focus on the person with whom you are having the conversation.  Don’t check on the text you just received, the sandwich you want to eat or let your mind wander.  Hold the phone if you need to something to do with your hand or take notes.  Even a doodle or two can work.  If you are face to face, remember that this person made the effort to come see you.  Don’t pick up the phone or prioritize something else.

2.  After a person has told you their situation, repeat it.  Check for understanding.  Did I hear correctly your request, your concern, your issue?  No questions need to be added at this point.  The other person, I’ve found without exception, will feel free to jump in and correct if you are missing a point or there is something else to add.  Repeating adds another benefit of solidifying it in your mind.  If you know you are going to repeat it, it makes the focus and attention much easier.  Not only that, but the client knows that they have been heard and understood.

3.  Don’t use rote answers, you know the ones that I mean, such as (after you have wanted to bang your head against a wall talking to technical support and their response is) “have I given you excellent support today?”  We all know when we are being fed a line.  It’s belittling and begrudging and I’ll turn away from any vender I can who treats me that way.

4.  Don’t lower the communication level.  If, in fact, it is important, increase it.   A sticky issue is always dealt best in a traditional manner – letter, phone or in person.  Hold the email and especially the texts for non-emotional matters.

5.  Don’t procrastinate.  Return phone calls and emails.  If it’s important to the customer, it should be important to you, but you have to be genuine and respectful about it.

Even more important than getting a new customer or client is keeping the ones that you have.  They can be your best advocates, your least expensive customers and are most often the core of your business.  When I like a business, I sing its praises, even if we have had rocky times.  If I don’t like your business or feel like you have done me wrong, I’ll probably be twice as likely to verbalize it.  Whether face to face or on the phone, we want to be heard, we want to be respected and we want others to be genuine with us.

Nielsen & Geenty Insurance Services, Inc. is an insurance brokerage specializing in Lawyers Professional Liability Insurance. Cedar Ridge, CA (877) 856-9231

Being analytical by nature, I counted in an eight-year period, twenty-two managers, sixteen offices and nine job titles.  I averaged a new manager every four months, a move every six months and a new job every year.  Working in an industry that is known by its rapidly changing dynamics, none of this was a surprise.  One thing I learned…how to handle it.

Just when you’ve proved yourself something new comes up.  There is a seemingly constant state of fluctuation and dependence on someone or something can’t exist very easily.  You either succeed or fail, like it or hate it in a short amount of time.  Change is rarely easy, nor is the anticipation of change, whether real or not.  Both can cause a significant amount of stress and disruption.  What can you do?  Keep focused, be patient and pace yourself. These are the three areas that I work on to minimize the impact. How do these work?

1. Keep focused.  If changes are not happening directly to you, someone you know is most likely in the midst of it.  The best thing you can do is to keep your mind on the job that needs to be accomplished.  The less you talk about what may or may not happen around you, the less you focus on the change and the more work you get done.  This is critical in maintaining your reputation and delivering the work necessary so that changes in the future are changes for the better.

2. Be patient. One of the upsides of change is that if you are in a bad situation, it may change for the better in a short amount of time. You may need to take action, but you may also need only to wait it out. You also need patience to understand and learn about new situations and aspects of the changes.

3. Pace yourself.  Keep a fairly steady rate of work.  Neither panic nor relax.  Neither are sustainable.  Work hard, no question, but just as important, leave time for your personal life whatever the situation at work.

Change for the sake of change is not necessarily positive. If you’re the one making it, consider the implications. Is it worth it? If you’re the one impacted by it, know that if you expect it and learn how to handle it, you can survive, even thrive within it. Change can be tough, but can still be rewarding both professionally and financially and be an exciting environment in which you can play a role.

Nielsen & Geenty Insurance Services, Inc. is an insurance brokerage specializing in Lawyers Professional Liability Insurance. Cedar Ridge, CA (877) 856-9231

As we near springtime, it is a good time to look at contracts, make a few phone calls and reevaluate your business needs which change over time whether it is growth, employee changes, economic impacts or personal ones.  Most likely, the size of your business and your risk taking vulnerability will change at a more rapid pace than your business arrangements.

A good place to start is to take a look at any recurring expenses – monthly, quarterly, annually and question each one.  In some cases you may be able to trim down, in other cases, increased capacity is what may be needed.

To get your thoughts started:

Review your insurance coverage – legal malpractice, errors and omissions, workers compensation and office package policy.  Check with your broker to make sure you are adequately covered – not too much, not too little, to protect yourself, your partners and your business.

What costs do you outsource – payroll, accounting, IT and others.  Make a few phone calls to ensure that the fees you are paying are competitive and what you are getting is what you want.

Look at your telecommunications costs – what cell phone plans do you have.  Do you have more capacity than is needed?  Are you running into additional costs that can be avoided?   Don’t forget your office phones as well – number of lines, perhaps you have an unused fax machine.  Increased bandwidth on your internet may save you time and frustration as well.

These are just a few examples.  This is one of those cases that a few phone calls in a short period will get you back in touch with your costs and you may find some quick areas to implement cost savings or areas for better efficiency may be found.

Nielsen & Geenty Insurance Services, Inc. is an insurance brokerage specializing in Lawyers Professional Liability Insurance.  Cedar Ridge, CA (877) 856-9231