Managing risk has never been more crucial in today’s volatile business environment, especially for small- and medium-sized enterprises (SMEs). Unlike large corporations that have the resources to form dedicated risk management teams, SMEs often cannot hire full-time risk managers. As a result, risk management functions are often spread out across HR, operations, and finance departments, which is a fragmented and inefficient approach. This is why Scott Mayor CIC, CPCU, founder and CEO of Endurance Risk & Management Services, is advancing the concept of fractional leadership. His mission is to bring comprehensive risk management solutions to businesses, helping them successfully grow while safeguarding their assets.
According to Mayor, one of the primary challenges faced by business owners is a significant knowledge gap about risk management. Many business owners do not have a full understanding of the intricacies of risk management, leaving them unprepared for a crisis, such as a catastrophic loss or a legal claim.
“Most people don’t even think about insurance until they need it,” says Mayor, who has more than 35 years of insurance and risk management experience. “Your bank might tell you to insure your building if you have a loan, but they don’t explain why or how to choose the best coverage.”
Through Endurance Risk & Management Services, Mayor offers comprehensive risk management services with a graduated approach. Its primary offering is insurance consulting services, advising businesses on which insurances to buy and holding agents accountable. Endurance regularly engages with clients to ensure their coverage and premiums are properly secured.
Following that, Endurance takes a deeper dive into the client’s business so it can quantify and categorize the risks better. It then develops a risk management plan that contains recommendations whether the client should accept, avoid, or transfer risks through insurance.
“For example, a manufacturer that delivers their products needs to decide whether to manage their delivery risks in-house or outsource them. That’s where I assist the company,” Mayor says.
Mayor believes that fractional leadership allows businesses to benefit from their expertise without having to pay for a full-time risk manager. This ensures that risk management does not become an afterthought, and it allows risk managers to consider all viewpoints from different departments and plan for an ideal outcome.
He also clarifies the differences between insurance agents and risk managers, the largest of which is that the former is a salesperson who talks while the latter is a consultant who listens. Agents often act transactionally, and their first priority is to sell a particular policy rather than find one that addresses the business’ unique risks. Through a consultative approach, Endurance develops a tailored risk management strategy that fits the client’s needs.
“I like helping other people succeed, which is why I enjoy working with small business owners,” Mayor adds. “Seeing them grow is incredibly fulfilling for me.”
Through Endurance, Mayor doesn’t just manage risks, but he also becomes an integral part of the client’s team and a contributor to their journey and overall success. He advocates for improved education and mentorship, helping business owners make informed decisions about their risk management and insurance needs. This involves asking the right questions, even those that might seem obvious.
Illustrating his leadership philosophy to transform complex risk scenarios into manageable plans, Mayor paraphrases Albert Einstein: “The leader is one who, out of the clutter, brings simplicity, out of discord, harmony, and out of difficulty, opportunity.
