RISK SERVICES – Risk Management is identifying the levels of exposure and danger a company faces in its operations and assets and then determining the best ways to offset them.
The best response to risk does not always include buying insurance. Some potential losses can be controlled, transferred, reduced or eliminated.
If you do need to insure, there are different types of coverages available. These include fully-insured, risk retention or deductible plans, and true self-insurance.
How do you know which one to choose? YOU don’t have to. That’s the job of your on-staff or consultant Risk Manager.
“But my insurance agent handles my Risk Management,” you might say. And they may do just that.
But they’re also getting a commission off your premiums.
Would they suggest you have a Cost Benefit Survey to make sure you’re getting the lowest possible price?
We would. That’s what we do.
And if you have different agents for your Property Insurance and your Casualty Insurance (and most mid-sized to larger companies do), are you sure there aren’t any gaps or overlaps in coverages?
We can do that for you. That’s what we do.
We get YOU the best insurance coverages at the best possible prices to fit YOUR needs. We act as YOUR advocate and advisor.
WHY? Because we like helping people. And we’ve made a business out of it.
RISK: That’s what we do.
Company Founder Adds Remarks
Walter Haney, Sr., is serious about helping companies with their Risk Management needs. He describes his processes, his objectives and his company’s mission in the following statement:
“First of all, with any potential client or new client, we review all of their existing insurance coverages and Risk Management Programs—dealing with safety, dealing with limits, dealing with the whole thing.
“In doing this, we are looking for gaps or overlaps. Gaps are areas with no coverage. And a no-coverage claim could put you out of business. Overlaps are simply insurance that you’re paying twice for and can’t use but one time.
“Then, after we do this, we visit with the potential client and tell him what we’ve found. And if we’re employed, we will at that time, design an insurance program to correct all of the errors and omissions that are present.
“We will help him secure the insurance through a competitive bid process. We will help him manage the insurance once he secures it. And from that time on, if they desire, we will manage and operate their insurance program.
“We will secure personnel to design safety programs to complete the whole Risk Management Support System that companies need today.
“Companies are now faced with legal exposures that they’ve never been faced with before. There are lawyers operating out there with ads telling people what to sue for. And there doesn’t have to be anything of a real nature involved to start a lawsuit.
“But, basically, what we do, if you think you want to hire us, we’ll come and take a look at what you have. And check it for the adequate coverage that you need.
And if you hire us, we’ll design an insurance program for you. And we’ll design a Risk Management Program for you that will serve your company as well as any Fortune 500 Company’s program.
“We are designed to support—our whole mission is to support—a company that is not quite big enough for a full-time Risk Management Department.
“The need is there, but from a financial standpoint, they really don’t feel like they can support a whole department. And we furnish that.
“We’ve very much like a CPA firm being used as a Financial Officer. We hire CPAs to do that for us; to make financial projections, to deal with our taxes. And that’s because companies don’t know how to handle those issues. And they hire lawyers because they don’t know the court system.
“These companies are usually equally unaware about insurance. Most companies don’t know what to do with their insurance programs. And that’s the reason ‘they give it to somebody.’ They give the insurance program to their friend or to ‘so and so.’
“And these companies have never competitively bid their insurance programs. They’re told by these agents that they’ll check 50 companies for the best prices.
“Well, that’s not good enough. You need a competitive bid situation and you need more than one vendor competing for your business.”