Companies can cut their expenses during a crisis period by reassessing risks so as to find an appropriate insurance programme and avoid paying for additional insurance policies they do not need, say representatives of Marsh, the largest insurance broker worldwide. "Companies should know that there are a few simple steps that can be taken in terms of insurance and risk management. If followed, they can free up cash, which is so necessary during such a time. Insurance can be used to make getting loans easier or to reduce lending costs," says Cristian Fugaciu, general manager of Marsh Romania. Officials of the insurance broker give the example of a pharmaceutical company that managed to significantly cut its insurance costs after a more careful risk assessment. "A pharmaceutical company called on Marsh for a detailed assessment of its risks. Marsh put together a catalogue of the company's risk, via a series of interviews and workshops. A new risk management programme was implemented as a result, and the value of premiums paid by the company was down 25%, resulting in almost 2 million euros in savings," the broker's officials said.
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