According to the Insurance Information Institute (III), about two out of every five companies don’t recover after collapsing due to a disaster. However, catastrophes are only a portion of the risks that small businesses across the U.S. face day-to-day. To protect your business against the many unforeseeable hazards, you’ll want to implement an effective risk management plan that includes insurance coverage.
In business, the insurance risk is any hazard that could bring you financial loss. It can be an occurrence or situation that negatively impacts your operational capabilities, business strategy, reputation, or ability to comply with the rules and regulations applicable to your practice/operations.
Operating a business may expose you to these main risks:
Pretty much every business that has a digital footprint is susceptible to data breaches, including fast-food retailers and e-commerce companies. Similarly, businesses that accept credit payments face the risk of personal data theft and fraud.
Strategies to reduce this business insurance risk include:
Catastrophes and events like theft, fire, floods, wind, and storms can damage your business premises and interrupt operations. Strategies to mitigate financial loss from property damage include:
Your employees also pose a risk of financial loss due to factors like workplace injuries and illnesses, and labor disputes. To mitigate this business insurance risk:
An unhappy client can sue you for a “product” that’s substandard, even when you’ve done nothing wrong. Service industry practitioners like accountants, architects, and web developers can minimize the financial risk associated with professional negligence claims by:
When running an overseas manufacturing business, you’ll sometimes face numerous obstacles beyond your control. Consider these tips to mitigate operational and supply chain interruptions:
New building projects create room for business expansion. However, they also present an appreciable level of risk. To minimize this business exposure, try these recommendations:
These are some of the most effective insurance risk management strategies for small businesses. To discuss your unique commercial insurance requirements, contact the team at Modab Insurance Services today. We are ready to help you obtain comprehensive insurance protection for your company.
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Joanne GonzalesTitle: Senior Commercial Lines Account Manager
Direct Phone number: 818-405-9582
Joanne brings over 26 years of knowledge and experience to the Modab family. She specializes in both Commercial and Personal Lines Insurance. Being well versed in both areas she has the ability to help a client with all their insurance needs. Joanne enjoys getting to know her clients and finding the best solution and provide them with options.
Title: Controller
Direct Phone number: 818-405-9578
Jill is the type of person that pours her heart into whatever she works on and aims for perfection. Jill met Mikey (agency Owner) at the gym back in 2010, long before they knew they would pursue careers in Insurance or work together. She has a diverse mix of experiences throughout her life, ranging from a Wellness Coordinator for a large corporate firm, to Graphic Designer, Gym Manager, Insurance Agent and a Doctors Assistant. Her background helps her excel in almost any task. Jill has been an integral part of Modab Insurance Agency since the very beginning. She loves being active and loves cycling, waterskiing, traveling and taking her Golden Lelou for walks.
Common phrase: Let me think about that.
Fun Fact: BS in Kinesiology
Family title: Mom
Title: VP of Operations
Direct Phone number: 818-405-9581
Melissa loves helping people. A Ventura native, Melissa comes from a large extended family which has taught her how to work well with many different people. She manages the daily operations at Modab Insurance, and you can often find her going above and beyond to do just about anything for others. She believes rolling up her sleeves and helping her team not only earns their respect but keeps her knowledge of the insurance industry fresh for her clients.
Common phrase: Cool beans.
Fun Fact: Loves the Dodgers
Family title: “Bossy” big sister
Linda De La TorreTitle: Senior Commercial Lines Account Manager
Direct Phone number: 818-210-340
Linda has lived most of her life in Ventura county. Linda is a very service driven account manager and enjoys working with people. She believes her clients insurance needs come first. She also believes building a strong relationship is the foundation for everything she does both professionally and personally. She has no hesitation in jumping in and helping when asked.
Linda loves Cooking, a good Netflix binge and playing with her first Grandchild.
Common phrase: Let’s not throw the baby out with the bath water.
Fun Fact: She has never driven a car.
Family Title: Everyone’s other Mother.
Matt WayneTitle: Commercial Lines Account Executive
Direct Phone number: 818-210-3403
Known as “the investigator,” Matt combs through the ins and outs of an account. He loves getting to know his clients on a personal level and loves putting the pieces together to write a coverage with the client’s best interest in mind. Matt (and Abe) can be found politely hollering back and forth in the office and living up to their “Kings of Sarcasm” nick name.
Common phrase: Let’s do it before it becomes a thing
Family Title: The Endearing Little Brother
Dawn MartinezTitle: Senior Personal Lines Account Manager
Direct Phone number: 818-330-5520
Dawn has been in the insurance business for over 20 years. She enjoys getting to know her clients on a personal level so that she can provide them with the service. She believes insurance should not be a transactional business, but a relationship built on trust.
She loves spending time with her family, watching movies and watching a great Mexican/Columbian Novela.
Fun Fact: She can’t swim
Christina SartiTitle: Senior Personal Lines Account Manager
Direct Phone number: 818-495-4181
Christina is a Senior Personal Lines Account Manager. For over 20 years Christina has worked primarily on the personal lines side of insurance, serving middle market and high net worth individuals and their families. Her focus is on marketing new and renewal business, comprehensive coverage reviews and personalized policy management. Christina holds professional designations as an Associate in General Insurance (AINS) and Certified Insurance Services Representative (CISR).
When Christina is not working, she loves spending time with family. She loves barbecuing, watching football and playing Just Dance with her daughters.
Fun Fact: She is a crafter
Abe HagigatTitle: Vice President
Direct Phone number: 818-210-3402
Abe practice is primarily focused on Commercial Insurance. His client list spans the spectrum. It includes larger manufacturing concerns, as well as medium and smaller-sized operations and professional practices. Real Estate investors comprise a large part of his client base. Most own sizable portfolios of commercial and multi-family properties. Abe particularly enjoys working on challenging and hard-to-place risks.
Abe holds a B.S. in Engineering from UCLA and an MBA in Finance from USC’s Marshall School of Business. He started his career with AT&T and went on to work for Mattel and several other large corporations before starting his own import and wholesale businesses. With many years of business ownership and Fortune 500 experience and having suffered large losses when his business was severely damaged due to fire and smoke, he views insurance and risk management from the client’s point of view. Therefore, his approach is holistic and consultative.
His interests include learning about mystical traditions. He is adamantly opposed to regular physical exercise.
Common phrase: Can I have fries with that?
Fun Fact: He once sold keychains.
Family Title: The comedian
Tracy WilliamsTitle: Senior Commercial Lines Account Manager
Direct Phone number: 818-306-4772
Having worked in the insurance industry for many years, Tracy has worked in both Large Shops and Small Shops. She has learned through her career; it all comes down to relationships. Tracy feels it is our job to understand the Client’s needs and find the best coverage at the lowest premium. She wants to be confident our clients spend their hard-earned money on the correct insurance policies. Every client is important!
Common phrase: Love Your Neighbor
Fun Fact: Has a pet pig named Nutmeg
As the anchor to PMC, Karen has been associated with the organization since 2000. She is primarily responsible for all of PMC’s financials. She wears additional hats as well, handling both Human Resources and day-to-day office related matters. Prior to joining PMC Karen previously worked as an accountant at an insurance agency. In this position she gained valuable insights into the world of insurance and trusts this experience with her ability to relate with agents when they need answers. Away from the office, Karen enjoys trips to Cape Cod, reading and spending time with her husband, children and, especially, her grandchildren.
