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...ogy. Regardless of the industry, suppliers and distributors alike are embracin...rticularly the relationship between suppliers and distributors. As we've seen ...

...f policy wordings, products, and suppliers are often so daunted that they give up and rely on their suppliers to make decisions for them. Most suppliers and intermediaries act with the hig...nagement; availability of alternate suppliers; key customers; key facilities, ...

... Categories Popular Recent All Back A Corporate Focus On Risk Management 4/30/2013 12:00:00 AM by CompleteMarkets Editor , Alan Bland This content has not been rated yet. Alternative Title: YOU DON'T KNOW WHERE YOU'RE GOING, UNTIL YOU KNOW WHERE YOU'RE AT' OSHA, WHMIS, CERCLA, ERISA? What do they all mean? If you are involved in the protection of your company and its assets, you need to know what these and other acronyms stand for. D&O , E&O , CGL, ACV, RCV, and so it goes! Each industry has its own specific jargon, and the insurance industry has contrived to make its own terminology as difficult to understand as any. Consumers navigating through the maze of policy wordings, products, and suppliers are often so daunted that they give up and rely on their suppliers to make decisions for them. Most suppliers and intermediaries act with the highest integrity toward their clients, the source of their income. However, it is only natural to think in terms of one's own best outcome, and a supplier of a product will always offer the best solution available from its own resources before considering alternatives. So anyone who has the responsibility of protecting a corporation's assets needs to understand basic steps to take in structuring a program that provides comprehensive protection at a reasonable cost. Although a risk management review is most timely before an insurance renewal, it can be undertaken at any time. In fact, it's wisest to look at the insurance program only after the risk management review is complete. A common ...

...ss of 5% of gross sales. d. Main suppliers of the products, percent of total p...ce sensitive? Who are the top major suppliers in the industry? How technologically advanced and competitive are the suppliers? How are the relationships with the suppliers? 7. Any environmental issues tha...

...rance agencies are no exception. Suppliers with whom you have been doing busin...ssociations with known unscrupulous suppliers or vendors? Is the agency e...

... . Adequate insurance will greatly reduce the financial cost of recovery from a disaster. In the extreme case, lack of proper insurance can result in a financial collapse. Probably the most obvious Business insurance covers the company against the death of a key executive. In a small company, the death of the key executive can often trigger a complete business failure. A larger business can take basic precautions, such as not allowing executives to travel together, but it still might experience a substantial financial loss. A business of any size can benefit from the purchase of Key Executive coverage payable to the business if a key executive dies. Business insurance, beyond the protection of owned and leased property, is often overlooked in the disaster planning process. Consider purchasing Business Interruption insurance for protection against the loss of suppliers or buyers, coverage of payroll expenses, and a multitude of other contingencies. Have a risk management professional help you identify and analyze your company's hazards. These three categories represent ways companies respond to risks: 1. Risk Avoidance: Take action to reduce or eliminate the risk. 2. Risk Transfer: Reduce financial damages by assigning the risk to an insurance company or other party. 3. Risk Acceptance: To the extent that it is not practical or possible to avoid or transfer a risk, the risk is accepted. Because it is not practical or even possible to protect every aspect of the business, insurance is an important part of the Business Continuation Plan. In addition to insuring your executives, carefully review your Business insurance policy with an insurance professional and answer these vital questions ...

... overcome your fear. Volunteer for community projects. Circulating with those you want to do business with is a great way to get your name out. Choose an activity you believe in and enjoy working on. Use press releases to get your name out. Any industry continuing-education class completed, certification or designation earned, award received, or promotion granted, and so on is genuine business news that can be put in the newspaper for free. If the news concerns a particular person, be sure to enclose a photo with the announcement. Become active in your own trade association. Even your competitors can be a source of good press. If you're active and supportive of the group and its individual members, your name will carry a good reputation in your field. Take advantage of cooperative advertising from suppliers. By using a vendor's logo in your advertising, you may be able to share the cost of your advertising. Many suppliers offer co-op programs when you meet certain sales thresholds. Sponsor events. Get your name associated with the organization or cause you want to support. The public remembers who sponsored the local March of Dimes Walkathon or the community fall pumpkin festival. Different levels of events and sponsorship help you to stay in your budget. Buyers today want to do business with people who are involved, committed, and active in giving back to the community. Being a known entity before you make that cold call greatly improves your success in closing. Don't put off implementing a marketing strategy that creates a powerful image in your prospect's mind. Emily Huling, CIC, CMC, is president ...

... through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Objections? No Problem!11/16/2018 12:00:00 AM by CompleteMarkets Editor , Emily Huling This content has not been rated yet. You've just given the most comprehensive and dynamic of all sales presentations. Your buyer comes back with one of these responses: "Your price is too high." "The last vendor said that, and she didn't deliver!" "This proposal offers bells and whistles I don't need." "I want to wait and see what my current supplier offers." Even the most experienced salesperson hears these objections. To respond effectively, a salesperson must be able to identify the type of objection and answer it accordingly. Here are four types of objections and how to address them: The Drawback. "Your price is too high." A drawback is something the buyer objects to that you cannot change. It gives you a two-part challenge: First, discover why the buyer believes the drawback-ask, "Why do you say that?" Often the buyer is comparing your price to that of an unequal product or service, or is making assumptions based on previous buying experiences. When you know why the buyer believes the drawback, your second step is to explain why your product or service is priced the way it is. Restate the ...

... it is effective. Start by identifying targets in your sales territory that have established symbiotic relationships, such as the general and subcontractor. Then for each set of targets, decide to work from the inside out, or from the outside in. An example of the former includes soliciting the insurance of the children, ' the heating, air conditioning, plumbing, and electric contractors who do business with the mother, ' an HVAC wholesaler whom you already insure. Another example is when you insure an auto parts wholesaler. This can lead you to writing the business of the service stations, collision shops, and repair operations that they supply regularly. The outside-in approach also can be highly successful. If you already write a number of child' accounts, such as restaurants, you can solicit their suppliers aggressively. These might include produce companies, restaurant supply operations, and meat wholesalers. We prefer the mother-child method to random prospecting, as it helps you to focus on leads where you already have an in. You can find a source of such leads on a mother's or child's outgoing and incoming Certificates of Insurance. This approach is enhanced further when you have a strong relationship with your commercial accounts. Ask these clients for a letter of introduction, and the names of customers and suppliers they recommend. Once you have identified the groups of prospects that you intend to solicit, you'll need to design a Commercial Lines package for each targeted group. Begin by deciding which services to combine with your insurance coverages, keeping a constant eye toward marketability. When making your selections, you can ...

... of cooperative advertising from suppliers. By using a vendor's logo in your a... the cost of your advertising. Many suppliers offer co-op programs when you me...