risk management

No two businesses are alike.  Therefore, there is no standard approach to creating a risk management program.  We customized our services to fit the exact needs of your business.

 

Insurance Program Review (IPR)

We conduct a thorough and systematic analysis of your insurance and risk management program.  Our service consists of the following:

  • We obtain complete copies of all policies for the current and prior policy terms. We carefully review this information to establish the baseline for your insurance program going forward.
  • Contact insurance companies to obtain currently valued losses for all of your policies.
  • Obtain copies of any loss control inspection reports and recommendations.
  • Conduct a “Loss Exposure Assessment” based on:
    • Insurance policies
    • Staff Interviews
    • Financial Statements
    • Organization Charts
    • inventory of Services

From the Loss Exposure Assessment, we share our findings with you and outline our recommendations for tailoring your insurance and risk management program to fit the exact needs of your organization.

 

Leverage Insurance Company Resources

We represent insurance companies that are among the largest in the industry.  These companies have made significant investments in risk management information systems, processes, and research.  Many businesses buy insurance but never take advantage of any of the benefits and resources available to them from their insurance company.

 

Loss Control Services

Our loss control services are designed to reduce severity and frequency of losses.    This can include:

  • Organizing or helping our clients to expand Safety Committees.
  • Conducting Facility Inspections
  • Developing Risk Management process and procedures manuals.

 

Premium and Loss Expense Allocation

It is critically important that you have accurate information regarding the cost of your insurance.  We help our clients allocate insurance and loss expenses so that stakeholders within the company are accountable and have an incentive to cooperate in the management of risk.

 

For our construction clients, we help develop this information so it can be used to calculate the insurance and risk management costs that must be included in bids and project estimates.

 

Certificate of Insurance Tracking

Vendors, service providers, and subcontractors expose you to significant financial risk.  It is important to obtain certificates of insurance to verify insurance is in place to protect you in the case of loss or accident.

Outsourced insurance tracking relieves your organization of the time-consuming work and administrative hassle involved in managing Certificate of Insurance compliance.  We can manage the entire process of soliciting, validating and electronically storing your incoming Certificates of Insurance.

 

Contract Review

There is an old saying in the legal profession, “those who rely on free legal advice get longer jail terms.”  We keep this in mind when we review contracts on behalf of our clients. We don’t provide legal advice.   We review insurance requirements in contracts to help client estimate the cost of compliance.  We are available to work with your legal counsel to help you negotiate the most favorable terms possible and to avoid inclusion of requirements that cause your insurance costs to increase.

 

 

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