Philip Deramo - Why You Need a Business Plan

Whether you are trying to start a new business or looking to expand an existing one, it is essential for your success to create a business plan. As Vice President at Berkley Re America, Philip Deramo knows the importance of having a business plan to achieve success as a business owner.

For the last twenty years, he has been creating business plans for his clients. Without a plan a business is largely rudderless creating haphazard and reactive day-to-day activities. Here are some top reasons why a business needs to have a business plan in place.

1.A business plan is a map to the future. It will help you to better understand your business and help you to set goals and chart a course of action to achieve those goals.

2.It will help you secure funding in order support growth. During the course of business, you will be provided with opportunities to grow your business.

3.You will need a business plan to assess opportunities and come up with a course of action to take advantage of them. 

4.A plan will help you to manage cash flow, an essential requirement for all businesses.

5.It provides the necessary information to support a strategic exit. At some point in time, you will decide it is time to leave the business.

Having clear business goals and the path needed to reach those goals is important for any business to succeed. Creating a business plan can help you stay in business and find success. As an insurance underwriting professional, Philip Deramo has been creating business plans for companies for twenty years.

Philip Deramo - Cyber Liability Insurance and Why You Need It

Philip Deramo has been working as an insurance underwriter for the last twenty years. In the last ten years, he has been building his experience with cyber liability insurance. But, what is cyber liability insurance coverage?

While most security professionals are required to attend a risk training session during their careers, many of them are unaware of cyber liability insurance. For countries like the United States, which have mandatory breach notification laws, this type of insurance has been most successful when used as a risk transfer option.

As data breaches become more common, the option of adding cyber liability coverage is increasingly attractive. The expenses associated with dealing with a breach, including the cost of compiling with the mandatory notification laws, can be extremely high, making adding this type of policy to a business’s existing insurance coverage is vital.

Cyber liability insurance covers a large range of situations, including:

• Data breach and privacy crisis management.
• Multimedia and Media liability coverage.
• Extortion liability coverage.
• Network security liability.

Some of the items covered under this insurance may overlap or be connected to other policies. Even if there is an overlap with policies, having a cyber liability policy in place will ensure that all of the associated cyber risks are covered. When looking for the right policy, it is important to obtain the right broker. Philip Deramo has spent the last ten years increasing his knowledge of cyber liability insurance coverage.

Philip Deramo - The Importance of Reinsurance

Reinsurance, a product line Philip Deramo has extensive experience in underwriting, happens when multiple insurance companies purchase insurance policies from other insurers in order to share the risk. An extension of the concept of insurance, it passes a part of the risk from the original insurer to others. There are four main reasons why reinsurance is an important part of the industry.

1. Reinsurance works to protect insurers from large claims. In order to spread out the risk of paying out a large claim, insurers take part of the original claim they agreed to insure and reinsure part of it with others. These reduce the risk that any one insurer will incur a substantial loss.
2. Peaks and troughs in the insurance industry throw off the balanced set of underwriting results insurers are looking for each year. With reinsurance, there is a cap on the amount of claims an insurer has to pay out during any given year.
3. When a country is vulnerable to natural disasters, it is important to spread the risk. Reinsurance may be used to help spread the risk outside the country.
4. If an insurer wants to insure a very large risk, but is unable to on its own, reinsurance can allow them to accept the whole risk and then reinsure any part that they cannot keep.

Reinsurance can help mitigate the risk any one insurer is subjected to. This can help an insurance company with too much liability lighten their load. Philip Deramo is a results-driven insurance underwriting professional with extensive knowledge and experience with reinsurance.