6 Personal Risk Management Tips
As individuals, we expose ourselves to risk every day. Whether it’s through running a business or simply going about our daily lives, there’s always the potential for an accident. The problem is that in today’s litigious society even a small accident can have severe consequences if you are found liable. A lawsuit can lead to financial devastation and even bankruptcy if the claim is high-value. Our personal risk management tips can help you reduce your exposure to everyday risk.
We can all take steps to protect ourselves, not only by taking out insurance but by looking at areas of our lives where we can manage or reduce risk. At XINSURANCE, we believe this is the best way to avoid being found liable. We’ve put together the following list of personal risk management tips so you can start reducing your exposure to risk today.
Personal Risk Management Tips
1. Maintain Your Home and Your Business
Homeowners and business insurance premiums have sky-rocketed in recent years, primarily due to water damage claims. Those with a claims history may find it hard to get coverage at all. To reduce the risk of needing to claim:
- Attend to and repair any water leaks immediately.
- Maintain your roof.
- Checking your drainage system regularly.
- Maintain your plumbing and washing machine.
- Use only certified, high-quality, insured contractors to carry out maintenance and repairs.
- Keep all electrical wiring and appliances in good working order.
- Identify and attend to all potential hazards in the home.
- Keep smoke detectors and intruder alarms maintained and fully operational.
2. Plan for the Worst
You need a plan in place for emergency situations. You can deal with extreme weather, sudden illness, or other catastrophes if you have taken the following personal risk management advice:
- Make sure that you and your family learn CPR and other necessary first aid skills.
- Keep a fully stocked first aid kit in the home.
- Make sure children know your full address and phone number as early as possible.
- See that children understand how to contact emergency services.
- Develop an evacuation plan in case of fire or other emergencies.
3. Consider Coverage for Flooding
Flooding can cause untold damage to your home or business premises. Despite the elements and subsequent flooding being largely out of your control, you can take measures to protect yourself and your property. With extreme weather conditions on the rise, insurance for flooding may be an increasingly worthwhile investment:
- Find out how vulnerable your property is to flooding by looking at floodsmart.gov.
- Even if your property is low-risk for flooding, consider taking out coverage for peace of mind. The good news is that your premiums will be cheaper.
- Don’t rely on the government to come to your aid if there’s a flooding disaster. Most people must pay back federal disaster assistance with interest.
4. Protect Your Firearms
The use of firearms can protect us from danger and help keep us safe. They’re also a huge liability when mishandled or stolen and used for criminal activity. You are responsible for the firearms you own and the damage they can cause, so it’s wise to practice gun safety.
- Always carry correct and valid licenses.
- Ensure you train to use your firearm safely.
- Keep firearms locked away and out of reach of children and other unauthorized users.
- Never leave your firearm unattended.
5. Control Your Pets
Around one-third of home insurance claims involve dog bites. It makes sense to try to prevent bites occurring in the first place. Here are some tips to help you achieve this.
- If you are choosing a dog, opt for a “safe” breed.
- Have your dog attend puppy/dog training school.
- Keep the dog on a leash in public.
- Muzzle the dog when necessary.
- Avoid startling or frightening situations.
- Contact a vet if the dog becomes aggressive.
6. Maintain Adequate Coverage
Some insurance is mandatory, such as homeowners insurance and auto insurance. Review your coverage regularly to ensure it’s still sufficient.
Risk cannot be eliminated but having additional liability coverage in place is an excellent way to achieve peace of mind. This is especially so if you have identified areas of high risk.
XINSURANCE is powered by Evolution Insurance Brokers, LC (“EIB”), an excess and surplus lines insurance brokerage. With over 40 years of industry experience, we are experts at providing customized liability coverage through our huge product line.
To receive a quote, you can use our this form, email us at info@xinsurance.com, or call us at 877-585-2853.
For more personal risk management tips and other useful information, head to our social media pages and follow us:
We love to meet our customers face to face, so we make sure to attend plenty of trade shows and events. Check out our events calendar to see if we’ll be near you and drop in to say hello. Until then, start following our personal risk management tips today, and enjoy a safer, less stressful life.
Authored by Rick J. Lindsey, President, Chairman, and CEO of XINSURANCE
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Rick J. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick J. Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick J. Lindsey discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Rick J. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick J. Lindsey to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. XINSURANCE also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are XINSURANCE can help.
