Two of my kids have peanut allergies which makes Halloween a bit stressful around our house. Fortunately, our kids’ reactions are not as bad as I know some other people have it so candy in a wrapper won’t cause them to have a reaction. They can still go trick-or-treating and my wife and I don’t have to worry about them having a reaction half-way through the night.
Our stress comes after we have gotten home and we start to go through the candy. We need to sort out everything that has peanuts in it and the candy we aren’t familiar with we need to check the label. Every year we do this at least one piece of candy seems to slip by and cause a reaction, thankfully we have never had a terrible reaction, but any reaction unnerves you as a parent.
Why I bring this up is because it is similar to when I audit a prospect’s insurance program. Their broker should know what risks could cripple the company, that companies “allergy.” Based on that risk assessment they should know where there might be vulnerabilities in the insurance program and doing everything they can to eliminate those coverage gaps. However, when I review prospects’ insurance policies I still almost always find numerous coverage gaps that are significant. I don’t use the word significant lightly, these are coverage gaps that could cause six figure plus losses that should otherwise be insured but aren’t. The broker isn’t getting rid of the candy with peanuts.
In the past, either me or my wife would go through the candy and put aside anything that had peanuts. Last year we started something new, I went through the candy like I always have and put aside the candy with peanuts but then my wife went through the now smaller collection of candy to make sure I did not miss anything. Sure enough, my wife found things I had missed.
Your broker is probably doing a pretty good job of making sure the obvious things are covered and does want to make sure you have no coverage gaps in your policies. The question is, how do you know they are not missing anything? My kids are the most important thing in the world to me (no offense to my clients) and I have missed pieces of candy that could do undue harm to them, so do you really believe your broker hasn’t missed anything? Wouldn’t it make sense to double check? We audit policies all the time for new prospects without charging them a dime. If we find no significant coverage gaps that is great, it means your broker is doing a good job so you should stay with them. If we do find something significant we will share it with you and show you how we can fix it for you. Either way it is a win, so shoot me and email or give me a call and we can discuss how to get started.