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to Tom Talks list “Hope is not a plan” Those few words struck me when I first heard them. When you think about it, hope is never a plan. A friend was about to undergo a somewhat complicated medical procedure. I overheard someone say, “I hope all goes well.” That may be OK coming from a friend, but not from a surgeon! At one time or another, almost every parent has said, “I hope your grades are up next semester.” Once again, hope is not a plan. It’s not a plan in business, either. Yet, it seems as if many companies live by the “Hope Credo.” We see it quite often when we’re asked to review insurance programs. Here are just a few examples: • Gaps in coverage. They’re big enough to put a business out of business should a loss occur. • Hiring employees with a history of job-related injuries. It takes a lot of hope to believe there won’t be more injuries to drive up WorkComp costs. • Unreported changes in the business. It can be adding new equipment or an expansion of a building. If there’s an insurance claim, it may not be covered. • Lack of disaster planning. Too many businesses are living on the edge. What happens if a supplier goes out of business? What about a natural disaster? It takes more than hope to think you can be in business tomorrow. It’s OK to hope for spring. But hope is never a plan in business. Tom is president of Mosinee Insurance Agency, Inc. 715-693-2100; tomh@mosineeins.com Back to Tom Talks list |
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