Insurance Risk Managers Save You Money
The determination of insurance premiums is more art than science. Insurance companies are driven almost entirely by competition. Plus, the cost of risk is difficult to quantify in the short run. Companies do refer to rating guides, but they are useful only in evaluating identical exposures (which never happens) and only to the extent that the past is a predictor of the future (unreliable at best). As a result, insurance underwriters may have a rough idea of the price they want to cover an exposure, but given the uncertainty they will try to obtain as much as the market will bear on any particular risk.
That’s where we come in. We will set up and orchestrate the competitive process for you, using multiple, independent sources so you are assured of the lowest reasonable price.
Our approach is more comprehensive and more effective. We will reduce the cost of your insurance program.
Why not do it yourself?
A typical insurance proposal is two to five pages long, but the policies themselves often contain hundreds of pages. Unless you have the time and expertise to read and understand all the exclusions, limitations and conditions contained in those policies, you probably cannot adequately compare the competing offers and you may never know whether your insurance policy protects you from the real risks you face.
In addition, we can reduce your indirect loss (that part not covered by your insurance). For example, for every dollar of covered workers compensation benefits, your organization will suffer a loss equal to 2-3 times the covered amount in lost productivity, lost momentum and administrative expenses. Loss control programs, which we’ll help you identify and implement, can eliminate or greatly reduce these costly losses.
Finally, by contractually transferring risk to other parties, we’ll help you insulate your own insurance program, thus preventing premium increases.