--- title: Top 5 Insurance Tips for CFOs description: Top 5 Insurance Tips for CFOs --- [Skip to content](https://blog.plexusgroupe.com/plexus-blog/news/top-5-insurance-tips-for-cfos#main-content) [![The Plexus Groupe](https://blog.plexusgroupe.com/hs-fs/hubfs/Logo%20and%20Design%20Files/plexus_sis_logo_color.png?width=1468&height=368&name=plexus_sis_logo_color.png "The Plexus Groupe")](https://www.plexusgroupe.com/) # Top 5 Insurance Tips for CFOs 31 July 2018 [Rebecca Eden](https://blog.plexusgroupe.com/author/rebecca-eden) [The Plexus Groupe](https://blog.plexusgroupe.com/tag/the-plexus-groupe), [News](https://blog.plexusgroupe.com/tag/news), [Insurance](https://blog.plexusgroupe.com/tag/insurance) ![](https://blog.plexusgroupe.com/hubfs/Imported_Blog_Media/rawpixel-580218-unsplash_iconFB.jpg) When selecting an insurance brokerage and structuring a risk management plan, Chief Financial Officers (CFO) need a clear perspective on how and where that plan aligns with the business's short and long-term goals. Here are the top 5 insurance tips for CFOs to help select the right insurance brokerage and coverage: **Credit Quality:** A.M. Best rates insurance companies on their financial strength. You should not choose an insurer with less than a A+++ or A+ rating. Insurers should have a record of prompt claims settlements and payments. **Risk Tolerance:** All risk not financed, avoided or reduced is thereby retained by your business either actively or passively. Your risk manager should be making you aware of both insurance and non-insurance ways to mitigate your risk. This could be as simple as coverage placement, machine guarding or contract language. If you don't know, ask! A large uncovered claim could be detrimental to the balance sheet. **Reliability:** Are the presented insurers and the brokers credible? Do they deliver even the small promises they make? Do you feel like you are treated the same as a multi-billion dollar company would be? If not, you should be thinking of change. **Communications:** Do you have clear and reliable communication channels with your brokerage team? Do you know who to contact with a general question, a claim or a certificate request? Is your broker communicating information that is relative to your business? Were all of your concerns adequately addressed, or were they glossed over during the presentation? **Knowledge:** Insurance lingo, coverage, case studies, bench-marking, and procedures can all be looked up, but is your broker taking the time to understand your business? Does it seem like they are asking a lot of questions? Does your broker ask you uncomfortable questions, or are they skirting around the issues to get a quick sale? A reputable insurance brokerage will ask a lot up-front in order to gain a better understanding of where your business is and where it is going. If you have not experienced all of the above, consider partnering with The Plexus Groupe. We value long-term relationships and we know that starts with you. [Matt Wilkens](https://www.linkedin.com/in/mattwilkens/), ARM, can be reached at mwilkens@plexusgroupe.com or by calling 847-307-6157. ### Related Post [![](https://blog.plexusgroupe.com/hs-fs/hubfs/custom-video-thumbnails/best_places_to_work_2022_facebook-thumb.jpeg?width=352&name=best_places_to_work_2022_facebook-thumb.jpeg)](https://blog.plexusgroupe.com/the-plexus-groupe-named-to-the-best-places-to-work-in-insurance-list-for-2022) ##### [The Plexus Groupe Named to the Best Places to Work in Insurance List for 2022](https://blog.plexusgroupe.com/the-plexus-groupe-named-to-the-best-places-to-work-in-insurance-list-for-2022) [![Does your insurance cover those new holiday gifts? ](https://blog.plexusgroupe.com/hs-fs/hubfs/blog_post_does_your_insurance_cover_those_new_holiday_gifts.png?width=352&name=blog_post_does_your_insurance_cover_those_new_holiday_gifts.png)](https://blog.plexusgroupe.com/does-your-insurance-cover-those-new-holiday-gifts) ##### [Does Your Insurance Cover Those New Holiday Gifts?](https://blog.plexusgroupe.com/does-your-insurance-cover-those-new-holiday-gifts) ##### [Anti-money laundering: Some tips on compliance](https://blog.plexusgroupe.com/plexus-blog/second-category/anti-money-laundering-some-tips-on-compliance-2) According to Dermot Butler of Custom House Global Fund Services Limited, anti-money laundering is... 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