It's all about the questions!

The primary job of an insurance agent is to protect the assets of their clients. 

But what amazes me is how few questions the typical insurance agent asks. ("Can I quote your insurance," doesn't count)

So here is a question for you:

What is the most expensive kind of insurance to have?

The Answer: Self Insurance (also know as the claim that is not covered by your insurance)

With that in mind, we consider one of the most important questions we can ask is: What are the ten most expensive items in your house?  We ask this because we want to make sure those items, and others like them, are properly insured. 

Let me give you an often overlooked example. 

Most people know that they need to schedule higher valued jewelry.  But one of the most expensive items in our house is my bike.  So if I were to answer the above question, my bike(s) would be at the top of the list.  The partially good news is that my bike is insured under the contents coverage of my homeowners policy, as long as it is at home.  But the unique thing about bikes is they don't always stay at home, as evidenced by the picture above.  (It is sitting in the rack in Panama City, Florida, waiting for the start of Ironman Florida)  Under a standard homeowners policy, once it leaves our driveway, my bike is no longer insured.

The solution is quite simple and relatively inexpensive.  I just need to schedule it on my homeowners policy.     The cost to do so: $70 a year.     Because it is scheduled,  it is now covered anywhere in the world.

But if insurance agents don't ask the important questions, then they will not know how to tailor your coverage and assure your assets are properly insured.  Of course we all want to make sure we are paying a fair price for our insurance, but if my bike is not scheduled and it gets stolen or damage, the $4,000 + to replace it pales in comparison to the 15% I possibly could have saved by making a 15 minute call, or buying a policy online.  Maybe it is your camera, guns, jewelry, silverware, artwork, watch, or jetski.   It doesnt matter to us what it is, we just need to know about it so we can properly cover it.

At IronRisk Strategies, we are not the typical insurance agent.  We think of ourselves as Risk Managers first, then insurance agents.  How do our clients know this; because we don't sell anything, we ask the questions.

Make sure you don't have the most expensive kind of insurance: Self Insurance. 

Ask yourself, "has my agent asked me the important questions?"   If not,  then we hope you will consider calling IronRisk. 

Feel free to call or email us with any questions at:

info@ironriskstrategies.com
Office:410-843-3870

It's Getting Hot Out Here!

I am looking at my iphone weather app and see that the predicted air temperatures for the coming weekend are 105° on Friday, 104° on Saturday and 101° on Sunday.  So what better subject to kick off our newest series of Risk Insights, than that of keeping cool in hot weather.

I raced the Eagleman/Ironman 70.3 race 3 weeks ago in Cambridge, MD.  My first tip for staying cool in this weather is to not compete in a Half Ironman.  (That's just common sense)  My buddy told me after the race that when he looked at his bike computer at 11:00, it showed 105°.  (Grant it that is 2 feet above the blacktop road, but that is where I was for a lot of the day)   I didn't realize just how hot it was until I got off the bike around 12:00, but let's just say I now know what a Brick Oven Pizza feels like when it is pushed into the oven.  (And I still had 13.1 miles to run (or walk) in that brick oven) 

Although I wouldn't recommend it, that experience did present some lessons to really think about as to how to manage that sort of heat.  Here are a few of those lessons:

1. Stay inside or in the shade (neither of which is an option on that course in Cambridge, MD)  I know, it's more common sense!
2. Stay focused on hydration -  Make sure you drink lots of water and if you are sweating, make sure you are also drinking something with electrolytes in it.  (i.e. Gatorade, sports drinks, etc.)   Hyponatremia, an abnormally low level of sodium in the blood stream, is just as dangerous, if not more dangerous, than dehydration.
3. Think about your core body temperature.  I got through the run because I constantly focused on dumping water and ice on my head, neck and upper body.  Letting your body temperature get above 101° is an express ticket to heat exhaustion or heat stroke.  That is what is so nice about a pool, so I suggest trying to find one this weekend.

Let me assure you that I am not a doctor so please don't take this advice as medical.  But I can tell you, the lessons I have learned by racing in high heat, have worked for me.  I may have been 1 hour and 15 minutes slower than my previous best time at Eagleman, but I did get through it.

Here is another article titled "Stay Cool in the Summer Heat," which can provide more insight into this hot topic.  Just click on the title to check it out.

In the mean time, have a safe and comfortable summer.

Lock Curtis and the staff at IronRisk Strategies, LLC

Finishline hug at Ironman Florida 2004

Whenever I tell someone that I am doing the Ironman Triathlon, the first thing they ask me is, "Why in the world would you want to do that?"   

 The second question they ask me is, "How do you get ready for something like that?" 

I will address both of those questions in due time.  But first, lets look at the order in which these key questions are asked, as that will answer the important question, "So Where Do I Start?" 

Whether you are deciding to compete in  the Ironman Triathlon, or deciding to strategically address a concern within your business, the first question you must answer is, "Why do I want to sacrifice the time, money and resources to this particular task?"

Defining the Why is often more difficult than the How!  That's because unlike any other question you have to answer, the Why is different for every single person and circumstance.

In 2004, I decided to take on the challenge of an Ironman Triathlon for the first time.   I remember going to my new coach and immediately asking where I should start in my training.  Much to my surprise, my coach suggested I first spend some time defining my true Why for wanting to do an Ironman.  There was no question the training for this race would require a lot of sacrifices by both my family and me.  But without first determining a solid Why, that goal would lose its luster and likely never be achieved. 

I recently looked back at a journal I kept while preparing for Ironman, and I was reminded of my Why.  During the coverage of the 2003 Ironman World Championship on NBC, one of the athletes said, "Ironman Triathlon is about ordinary people doing something extraordinary."  From that point forward, my Why became very simple.  I wanted to do something extraordinary. Not because I wanted to show others I could do something extraordinary, but because I wanted to prove that to myself.   (I think the photo above confirms that I chose the right WHY)

So let's look at how this applies to running your business. 

Let's assume you have evaluated your business operations and decided to commit to focusing on safety, and decreasing the number of injuries to your employees.  Before you focus on How to do that, it is best to define Why you should do that.  Perhaps one of the following reasons is your Why:  

• Decrease your insurance premiums (profitability)
• Decrease your lost productivity that typically results from workplace injuries - (OSHA estimates the indirect $ cost to your business to be 4-11 Xs the amount paid out by your insurance carrier)
• You risk losing business because your Experience Modifiier Rate is above 1.00 (Many General Contractors are no longer hiring companies with an EMR > 1.00)
• Improve employee morale and your company culture
• Concern for the safety and well being of your employees
• Avoid OSHA fines and penalties
• Your reason.........

All of the above are great reasons.  But just as my reason for doing my first Ironman triathlon was personal,  your Why is also a personal one.  In other words, a qualified professional can likely help you with How, but only you can define your Why.

It seems like such a simple concept, but more often than not, I see it overlooked.  

Whatever it is you have decided to improve in your business, or maybe even your personal life, I would recommend you follow the advice of my coach.  Don't immediately jump to figuring out How you are going to accomplish your goal.  First make sure you know your Why!

Our next post will begin to answer the question, "How do I ..."

News Flash!

2012 will be a 
break through year! 

Let’s face it, every year starts off with the possibility of being a breakthrough year and each of us spend a great deal of January, at least the first week or so, thinking and possibly planning about how to make this year exceptional. 

 I recently looked back over the last five years and identified what specifically made them good or great years.   Two events stand out in my mind: 

›    First would be the completion of Ironman Triathlon.  (I have been fortunate enough to experience that thrill 3 times)

 ›     The second would be starting my business, IronRisk Strategies, LLC.

Now I suspect many of you have already figured out that the business model for IronRisk Strategies, LLC is partly the byproduct of the lessons learned, and experiences had, while training for, and racing the Ironman triathlon. 

For those of you who don’t know, the foundation of IronRisk Strategies is our ability to help our clients manage Risk beyond the simple placement of insurance and how to best turn those Risks into opportunity (and profits.)

Success in Ironman is about a strategic Risk Management  plan designed to get you ready for the race, and to get you to the finish line on race day.  The same could be said for success in business.

2012 will be exceptional for me because this is the year I get to combine these two passions. On November 3rd,  I will again be racing Ironman Florida.  My plan is to share with you the lessons learned along the way.  But I will not just be writing about training for, and racing Ironman Florida.  I will also be connecting those stories with Risk Management ideas that I believe could help make your business better.

My hope is that the combination of what are sure to be interesting training stories, along with connecting those stories to Risk Management Strategies I have learned over my 25 year career, will at one point or another, ring true and inspire you to improve something in your business. 

Making anything exceptional is always about improvement and innovation.  So let’s make 2012 exceptional as we all take on whatever challenges we chose, and share the lessons learned along the way.

Stayed tuned for the next post: So Where do I Start?  Until then, make this year Exceptional!!!

•              Swim 2.4 miles
•              Bike 112 Miles
•              Run 26.2 miles 

All three of these disciplines must be completed within 17 hours to be considered an official Ironman. 
After completing my third Ironman race, two things occurred to me: 

1 - The man that invented that race is not so kind
2 - Training for and completing that race very much parallels the  Risk Management strategies that I
had been professing for my entire career. 

In the coming months, we will get into many of the specific parallels between Ironman and Risk 
Management, but one of the greatest lessons learned from that experience is: 

      In order to accomplish anything worthwhile, you must first define the "WHY" 

Deciding how you want to run your business one way, versus another, is no exception.  So one
must ask, "WHY" would I want to focus more on managing my Risk, versus simply buying insurance
in the traditional manner. After all, most businesses have bought insurance (reluctantly) the same
way for 100+ years.

The answer is simple.  Impact on Profitability

Buying insurance impacts the profitability by managing expenses.  Managing Risk impacts
profitability, not only by managing expenses, but also by improving efficiency, productivity,
mitigating the direct impact of losses and indirect impact of losses, employee moral......  The list
goes on and on.  But the bottom line is that properly Managing Risk impacts every line of your financial
statement and not just expenses. 

In fact history shows that for every dollar an insurance agent can save you in premium, a properly
implemented Risk Management plan can save you 5-10+ times that amount.

So I suppose one does not have to simply ask "Why" would I take a Risk Management approach to my
business, but instead one should ask "Why Not" take that approach.

It is with great pleasure and excitement to officially introduce you to IronRisk Strategies, LLC 

 As you may know, I have a tremendous passion for the value that Risk Management brings to all businesses. Recognizing that most businesses in today's market lack time, resources and expertise to properly identify and manage the unique Risk Profile of their business, IronRisk Strategies will make this our core mission.

 Traditional  insurance agents focus on the placement of insurance policies with the hopes of delivering reactive services to support those insurance policies.  IronRisk Strategies will continue to make insurance placement an important priority, but will first focus on the core driver of cost; Risk.  Making the strategic management of Risk our core value will significantly decrease cost and increase the profitability of our clients.  History has proven that for every dollar a traditional insurance agent can save you in premium, an effective Risk Management adviser can save you 5-10 + times that amount.

 We officially opened our office in Clipper Mill, this past June and have been extraordinarily pleased with our progress.  I must extend my gratitude to our current clients for their loyalty and support through this transition.    We look forward to talking with each of you individually about this exciting and unique business model. In the mean time, if you have any questions, please contact me at:

 Lock@ironriskstrategies.com
(o) 410-843-3870
www.ironriskstrategies.com

 Sincerely,

Lock Curtis
President - IronRisk Strategies, LLC