Many insurance professionals believe the next hard market may be lurking right around the corner. Is your self-insurance program ready?

Many insurance professionals believe the next hard market may be lurking right around the corner. Historically in hard markets, self-insurance has been used as a risk financing mechanism to offset higher insurance prices and the lack of capacity. But just as a diligent driver would be sure to have a mechanic perform a full tune-up before embarking on a long car trip, a risk manager also needs to periodically conduct a systematic check of insurance exposures in order to maximize the performance of a self-insured program and determine if there are any issues hidden below the surface. The following key questions can guide your assessment.