In the hard market, did your insurers impose deductibles levels that you would not ordinarily accept? Perhaps you have a high volume of claims, and your premium reflects that. Or, perhaps, insurers perceive that when you have a claim it is going to be big, and they price their coverage accordingly.
Premiums = claims + costs + profits.
As insureds, we can’t control the costs or the profits of insurers, but we can control claims.
Going forward and to take back control of your insurance programme, you need to either own the deductible or change the perception of the potential loss. You might even need to reduce the volume of claims. Are your risk management procedures and protocols up to that task?
At Riskcom, we understand the clear link between risk management and insurance – when all said and done, insurance is a risk management tool. It is risk transfer – that is, another organisation taking your risk onto their balance sheet.
There are many ways we can help you achieve this:
- We can conduct a range of independent risk investigations, so you have a clear picture of the status of your risk to present to insurers;
- Property risk surveys
- People risk assessments (health and safety, workers compensation and third-party liability)
- Business Risk assessments (strategic, operational, emerging risks, governance, reputational risk)
- We can assist in rectifying any adverse observations so that the risk becomes more acceptable to insurers;
- We can review policies and procedures not only for practicality but in line with best practice;
- We can update &/or develop policies and procedures that specifically suit your business;
- We can help implement those same policies and procedures.
Risk management is not limited to physical and property risks. The same philosophies apply to People risk and Board risk. Consequently, these flow on to Workers Compensation, Public & Products Liability, Directors and Officers and Professional Indemnity policies just to name a few.
Risk Management Funding may be available from your insurers to help you achieve better risk practices.