RISK EDUCATION—American Risk Managers is proud to offer FREE Cost Benefit Surveys to prospective clients.
These no-obligation free surveys provide an opportunity for you to see the value in Independent Risk Management Consulting, as well as the insurance savings you can expect.
Want to know what happens after you click that “FREE Cost Benefit Survey” button?
I asked one of our Risk Managers, Mr. Walter Haney, Sr., to walk us through the process.
Gathering & Examining Information
For the first step, American Risk Managers will contact your company’s management (or you) to arrange a look at your company’s current insurance file.
“And if you have a loss run file (claims), we’ll also look at that and review any losses you might have,” Mr. Walter said.
One or two of our Risk Managers will also make a brief on-site visit and meet with management.
“We’ll discuss any future plans you may have and if there’s going to be an increase in activity or in buying of equipment or material,” he said.
After determining exactly what you have insured, our Risk Managers will look at the insurance rates you are paying, as well as the other assets that make up the financial charges for your insurance policies.
“We will then establish the rates you should be paying and the amount of coverage needed,” he said. “We’ll also check to see if your current coverage is sufficient from what we’ve seen in person or according to the materials you’ve provided.”
When these tasks are completed, our Risk Managers will know:
- What you should be paying;
- What you are paying; and
- What limits you should have.
You’ll also learn what saving you can expect, if you choose to move ahead.
“And we’ll explain how we can create a unique program to fully conform your insurance policies with the loss potential your business is operating with,” he noted.
Reviewing Your Survey & Savings
Besides learning about your savings potential, you’ll also be provided with the amount of fees you can expect from American Risk Managers.
“If there’s anything else that would involve any extra expenditures on your part, we’ll let you know that then, too,” Mr. Walter said. “Although there normally isn’t.
“That’s the Cost Benefit Survey for you.”
With your survey in hand, you’ll have an opportunity to review the findings and your possible next moves.
“You and your management team are then able to make up your mind,” he said. “You can discuss, ‘Okay, are the savings enough or are the coverage corrections needed important enough for us to go through this?’
“If it’s not, then don’t do it.”
In rare instances after the survey process, Mr. Walter said he’s found that a company’s current rates are good and its current limits are good.
“If that’s true for your company, we’ll tell you that, too,” he said. “We’re not going into a situation where there’s no potential for savings or beneficial and needed coverage improvements.”
What If We Still Need Help?
Upon finding their rates and limits are good, some companies still choose to take advantage of Risk Management expertise in other areas.
“If you want us to come and set up your insurance program for you and bid out your insurance for you, we’ll do that,” he said.
Our Risk Managers can also help your company set up its Workers’ Compensation program to streamline processes and obtain more savings.
Mr. Walter stressed that helping companies, and offering advice and advocacy, has always been American Risk Managers’ core mission.
“Anytime that you’re buying insurance or dealing with us in relation to your insurance program,” he said, “we want you to fully understand what you’re doing and any potential gains or losses that are involved.
“That’s it. It’s rather simple. But it’s awfully important to you.”
What About Savings?
If your company has not used a Risk Management Service before, you can normally expect to save anywhere from 25-35% of your present premium.
(See some sample savings here.)
How Long Is The Process?
The FREE Cost Benefit Survey is not a very long process.
“It depends on how much information you have,” he said. “But we’re usually able to turn it around for you within a couple of weeks.”
Tell Me More About This Information You Need
The data needed for your FREE Cost Benefit Survey includes your current insurance policies and your loss files.
“From your insurance file, we’ll be able to determine what vehicles you have, the types of buildings that you’re insuring and the contents of those buildings,” Mr. Walter said.
“We get a considerable amount of information out of those insurance policies. More than just a rate. More than just a premium.”
He added that the loss run files also provide significant information.
‘If you have losses, we’ll be able to determine the type of losses that you’re having,” he said.
“And if you’re having a whole series of medium-level losses, it will tell us whether or not you should consider some sort of a deductible program, where you can receive credit on your premium.”
If your company has a chance of receiving valuable credits, our Risk Managers will suggest a program involving that option.
“But we want to be sure that you’re not going to get into anything that’s going to cost you extra money,” he said. “We won’t let you go into a trap situation.”
Please Explain A Trap Situation
Mr. Walter said one circumstance that could turn into a possible trap-like scenario involves deductibles, where clients agree to pay for a certain portion of claims.
“If the potential deductibles are not high enough for a meaningful credit on your premium,” he said, “or even if they’re high enough, but our research shows a tendency to have claims where you would have to pay out significant dollars in the claim area, then we’re going to advise you against that.”
What About The On-Site Visit?
As part of the survey process, our Risk Managers usually pay a brief visit to your company.
“But we don’t have to do that,” Mr. Walter noted. “We can do the free survey with a mailing of all this information to our office.
“Or, if you’re agreeable, we could come to your office, do a light walk around and look at any property you have readily available.
“Obviously, we’re not going to get into an in-depth review of your exposures until you sign a contract.”
How Long Does The Site Visit Take?
The length of time for the site visit will depend on the size of your company’s operations.
“It could take 15 to 30 minutes,” he said. “Or maybe, it might take an hour. The walk around time depends on how big your facility is.”
What About Presenting Your Findings?
After the Risk Managers have examined all the data on your company and performed their brief site visit, they’ll meet with management to deliver their survey report.
“Our presentation won’t be lengthy, it’ll take approximately 30 minutes,” he said. “We’ll discuss the coverage you have now and what you need. We’ll present our findings in a little booklet that usually runs four or five pages.
“We’ll tell you what you have, what you should have and what it’ll cost you to obtain our services.”
Mr. Walter was asked to share some of the follow-up questions he’s received from clients in the past.
“Sometimes, prospective clients want to know who we’ve worked for,” he said. “And we’re always glad to share that with them.”
(Note: Click here for client reviews and videos.)
“Some prospects also want to know how long we’ve been doing this. We’re proud to say we’ve been helping to protect companies and find them savings for more than 40 years.”
Most Companies Have A Problem
Mr. Walter is clear about the reason most companies reach out to American Risk Managers.
“Obviously, most people who call us have a problem,” he said. “Or they’ve perceived that they have a problem.
“And usually, clients we sign on do have real problems or areas they’re feeling unsure about.”
Asked to elaborate, he provided an example.
“Well, they could think their agent is just not paying enough attention,” he said.
“A lot of times, when you have a long-term relationship with your agent — the agent is like anybody else — they’re not going to do any more work that they have to.
“Your agent may very well only look at your file when he prepares the invoice to you.”
He also said companies sometimes have claims that “have suddenly jumped out” at them.
Or they’ve been cancelled by their insurance company.
Some clients have received high insurance audit bills.
Or experienced huge increases in premiums.
“There’s just any number of things,” he noted.
(See Common Risk Management Issues here.)
Can You Do Anything About My Insurance Costs Going Up?
Yes. American Risk Managers has a track record of obtaining 25-35% savings for their clients. For companies without Risk Managers, those figures might seem surprising.
“Anytime you’re with an insurance company or an insurance agent, and you don’t bid out the account every three-to-four years, you can know this,” he said. “That price will go up. It’s not going to come down.
“Not unless you get a professional involved to bid out those policies. There has to be competition or they just won’t drop the cost.”
From Insecurity To Certainty
Mr. Walter said there are many instances where clients have had “a kind of a feeling of insecurity” in dealing with their insurance program.
“We take people from a feeling of insecurity — until they have a full range of understanding of their insurance program and how it works,” he said.
“And that’s a big thing. That’s what we’ve been doing for 40 years.
“There’s nothing magic to this. There’s a lot of hard work, but there’s nothing magic.
A Win-Win Situation
Mr. Walter emphasized that American Risk Managers’ Cost Benefit Survey does not cost companies anything — it’s a truly free service.
“If you look at it from that standpoint, it’s a win-win situation,” he said.
“You get an expert-eyed look at your insurance and risk programs. And if you don’t want to follow through, you don’t have to.
“But if you do decide to move ahead, you most likely have a reason. And it’s not going to cost you anything to find out.”
A Built-In Guarantee
American Risk Managers has always offered its clients an unbeatable guarantee.
“In our contract with you, we give you an assurance that if we don’t save you the amount of money we charge you in our fee, we have to adjust our fee downward,” he said.
“So you’re going to save more than our fee, or we’ll adjust our fee to the savings that you have.”
That’s A Lot Of Work For Free. Why?
Mr. Walter explained that FREE Cost Benefit Surveys often act as sales vehicles.
“To us, it’s an opportunity to explain to you why you need us,” he said.
“Or, in case we find out you don’t need us — if you don’t need Risk Management help — we’ll tell you that.
“But normally, it’s a way for us to explain to you what your problem is and the assistance we can offer.
“And when you finish that, if you want to buy – you buy.
“And if you don’t – you don’t.”
He said most companies, after examining their surveys, decide to sign up with our consulting services.
“We have enough people who make that decision to purchase, that we can do this,” he said. “We can offer this particular service for free.”
What’s The Dollar Value Of This FREE Survey?
Since every company and every insurance program is unique, so is every Cost Benefit Survey.
“We really can’t put a price on it,” he said. “They’re all different.
“But we encourage you to take advantage of this. And it’s only after you look at the survey, that you decide whether or not you want to buy.
“There is absolutely no cost involved or obligation on your part until you look at it and tell us, ‘Okay, let’s do it.’
“The clock doesn’t start until we sign the contract. Anything we do for you up until then is absolutely free — gratis.”
It’s A Rather Simple Thing
If you’re thinking about signing up for a free insurance and risk survey, Mr. Walter emphasized that the process is simple.
“The simpler you keep it, the better,” he said. “And people like the word ‘free.’ Everybody does.”
He noted that prospective clients can call (800) 548-0117 for more information on the free surveys or Risk Management Services.
“If you have any interest, either I, or someone else here at the office, will be glad to discuss this further with you,” he said.
Why Not Schedule YOUR Free Survey Today?
(Photo Credit: Artwork – Canva; Flag – Pexels)