Hey guys who makes the decision about which insurance product to buy or not in commercial insurance? Is it the Risk officer and his organization, the finance organization the CEO’s office??? Any guidance here will help…

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I find it depends on the size of the company, but typically the CRO would handle these types of issues.

It varies from company to company. At our company, it is the finance department that makes these decisions.

It is usually the finance division. Everything that has something to do with the release of funds and financial management belongs to the duties of the finance division of the company. This is for big companies employing more than 50 employees.

I think it's the finance department usually, but it depends on org structure

CFO indeed

It usually depends on the company. But in ours, it is the finance division that decides on this matter. Hope this helps.

Some decisions are made by the board especially when it involves being potentially underinsured where a claim could trigger a stockholder lawsuit.

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