We resolve coverage gaps and reduce premium costs.
Our first task for a new client was to review insurance programs assumed with several recent business purchases. Within one month into our contract, we replaced the insurance program for one of the acquired business, remedied gaps in workers' compensation and non-owned auto liability for one of the acquired businesses, placed umbrella liability coverage over all operations, and negotiated a reduced general liability rate. The bottom line impact resulted in significantly expanded coverage and over $50,000 in premium savings.

We renegotiate premium audits.
We were hired to help a client manage the effects of a workers' compensation premium audit that generated over $100,000 in additional premium. The client's insurance agent was unwilling to advocate for a reduced premium audit since the audit was a result of the agent's failure to provide updated payroll information when the policy originally renewed. We contacted the insurer and negotiated a significant reduction and payment installment terms that fit within our client's ability to pay out of currently available cash. The bottom line impact resulted in a reduced premium audit payment and removal of an agent that was exercising opportunistic insurance sales practices.
 
We develop insurance specifications for rebidding insurance programs.
We were hired when a client became concerned about the inability to receive answers to insurance coverage and premium cost questions from his insurance agent. We developed an insurance specifications bid package with the client, and submitted these bid specifications to the market through other insurance agents. The bottom line impact resulted in a change in insurance agent to one who was professional in his approach to serving this client's needs, resolution of coverage gaps that occurred in the old program, and a considerable reduction in premium cost.
 
We review contracts and provide day-to-day risk management advice and counsel.
Few appreciate the extent of liability that can be assumed because of careless wording in seemingly innocuous contract provisions. Those that draft contracts are often not aware of  the implications of their draftsmanship, especially insurance provisions. Although legal review of contracts is essential, it is not sufficient. Review by a risk manager is needed. Having a risk manager on your side provides confidence that unnecessary risk is effectively eliminated, reduced, transferred, or controlled to levels with which our client feels operationally and financially comfortable.