Insurance Risk Management Basic Services

RISK MANAGEMENT
Basic Annual Services

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While not required, the following Risk Management Basic Annual Services often form the core of business insurance consulting work that Commercial Consulting Services provides for a client company each year. The first year, our effort is more intensive due to our need to become familiar with operations of the business, and also the importance of resolving the many policy problems that need immediate attention.

It may be of interest that during the last twelve years we have never begun risk management consulting for a new client company without finding at least one major gap in coverage that would have led to the financial failure of the business if a loss had occurred in that area! In each case our client had been completely unaware of this serious peril!

In addition to these Basic Services, during the first year, it will usually be important to prepare Bid Specifications and secure proposals and premium quotes from as wide a variety of insurance markets as possible. These Bid Services, included without additional charge the first year, often provide enormous premium and coverage advantages to our clients.

RISK SURVEY & BID SPECIFICATIONS

All commercial insurance needs -- including property & casualty, inland marine (off premises exposures), business auto, crime, workers compensation, group health and life -- will be carefully evaluated by CCS. A Risk Survey report will present this analysis in a clear, easy to read format that will outline coverage needs and also serve as bid specifications.

Our Risk Survey of your coverage needs - one of the most comprehensive in the industry - will be carefully compared with your Business Insurance program to assure you that coverage gaps and insurance mistakes will be a thing of the past!

INSURANCE MARKET ANALYSIS

A review of the insurance markets available to the employer's type of business will be done on an on-going basis since the insurance marketplace is continually changing. Agents representing available carriers, and those who are referred to us, will be interviewed. Any new opportunities that are presented will be investigated.

SAFETY AND LOSS CONTROL

On request, Commercial Consulting Services can provide assistance in the development of loss control policies and procedures including, but not limited to, recommendations for facility maintenance and security, hiring practices, motor vehicle safety and employee job safety. Answers to property and casualty, group health coverage and risk management questions and concerns, in addition to safety training, will be readily available.

POLICY RENEWAL NEGOTIATIONS

Approximately 120 days prior to the business insurance program renewal, renewal negotiations will be initiated with the agent of record. Every effort will be made to assure equal or lower renewal premiums with equal or broadened coverage. Additional bid process services may be recommended at this time.

INSURANCE POLICY ANALYSIS

Renewal policies will be carefully analyzed for mistakes. All renewal policy forms will be read and compared with the previous years’ policy forms. Any reductions in coverage, for which the employer did not receive previous notification, will be disputed. Any proposed new coverages and their importance will be carefully explained. Detailed premium comparison will assure that renewal policy premium rates comply with those quoted by the agent. Depending on the complexity of the company and requested information, renewal analysis data will be presented in a thorough Comparative Quote and Policy Analysis or a more informal overview of coverage changes and renewal premiums.

PREMIUM AUDIT ANALYSIS

Premium audits will be analyzed to assure that classifications and premium bases picked up by the auditor are accurate and appropriate for the company's operations. Any attempt to change classifications at the time of the audit will be disputed, unless there has been a corresponding change in the company's operations.

POLICY SCHEDULE MANAGEMENT

Policy schedules, including business locations, equipment and vehicle lists will be maintained on a Risk Management computer database. Up-to-date lists will be available to the company at any time.

TRACKING OF POLICY CHANGES.

All requested policy changes will be faxed to the insurance agent of record and the agent's signature, verifying that coverage is bound as requested, will be required by return fax. All policy changes will be tracked by computer until the change is endorsed to the policy.

INSURANCE MARKET ANALYSIS

Policies will be indexed in a three-ring binder and basic instruction will be provided on how to locate important information in each policy. As necessary, duplicate policies will be retained in the the CCS to facilitate easy communication on coverage details.