EVERY business needs Risk Management.
Some businesses have departments dedicated to Risk Management. Other companies have on-staff personnel. And some businesses choose to out-source their Risk Management needs.
Independent Risk Management Firms are a great option for businesses wishing to protect their operations and assets while saving money.
American Risk Managers is proud to offer a broad assortment of Risk Management Services, many of which are briefly described below.
New Coverage Needs
Maybe you have a new contract that has come into your business and this contract is requiring you to get a certain type of coverage that you’ve previously not carried.
You may not be familiar with this coverage, as some Commercial Insurance Coverages are not as well-known as others. Even your regular agent may not have a working knowledge of this coverage.
We do not sell insurance.
But, because we are in the Insurance Marketplace on a daily basis, we can help you find this coverage. And we can explain it to you, so you can clearly understand exactly what you need.
Questions Your Agent Can’t Answer
For some companies, one simple need could be the answer to a question your agent can’t answer. Some agents are not as experienced with all the corporate liabilities that exist or might come up.
Risk Managers who deal with many companies handle these types of liabilities on a daily basis.
One example of this is Professional Liability Coverage. You might need this type of coverage if you were to make changes to or enlarge your operations to include certain types of employees.
For instance, if you’re going to have Registered Nurses working within your company, you will need to get Professional Liability Coverage. And you need to ensure that the correct policies are put in place to match the various exposures.
Professional Liability Policies help to protect you—not only from a business standpoint—but from an individual standpoint, as well. We’ll be glad to help you with issues like this—That’s What We Do.
Commercial Insurance coverages get audited, just like other aspects of your business. For many companies, audits are an annual aggravation. Just the word “Audit” can stir up fear in the hearts of Business Owners and Chief Executives. And with good reason.
Most Owners and Executives are experts in THEIR field. They don’t have time to be an expert in the ever-changing worlds of Property and Casualty Insurance.
Plus, having an outside agency perform an audit on issues within your company—that you don’t completely understand—is a type of Risky Business you don’t need.
Consulting with an Independent Risk Management professional ahead of time will ensure your company is prepared for any and all audits.
AND… they might just find some savings for you during the process. We not only prepare our clients for audits, we check past audits for several common errors.
Just a few MINOR miscalculations or wrong classifications can cause MAJOR problems and sky-high premiums for your company.
We Can Audit YOUR Audit And Make Sure You’re ONLY Paying What You Should Be Paying.
Errors In Workers’ Compensation Codes & Experience Modification Factors
Businesses frequently encounter two types of costly insurance-related errors—the wrong codes or classifications for Workers’ Compensation and incorrect formulas for Experience Modification Factors.
These were also among the most common problems for our former clients. (We use the past tense since our services include taking care of both of these matters AHEAD of time.)
Experience Modification establishes the efficiency of employee safety relative to your competitors.
If there is an error in your Workers’ Compensation System OR your Experience Modification Factor, this error can cost your company money in the other system—needlessly.
For example, if your payroll is inaccurately entered on your Experience Modification Worksheet, your Workers’ Compensation premium will be affected.
We ALWAYS cross-reference all the information in both of these areas to ensure complete accuracy.
Simple mistakes, such as entering the wrong Employee Classification Codes, can mean you are paying a lot more than you should be for Workers’ Compensation coverage.
Codes being entered incorrectly also result in incorrect Experience Modification Factors. An erroneously calculated Workers’ Compensation Experience Modification Factor creates unfounded overcharges.
Too many companies find errors like this in their Experience Modification Formulas.
Even small miscalculations can add up to enormous losses for your company.
There’s a big difference between all the little points used to create your company’s specific formula. SOMEONE needs to be checking the payroll classifications for your Workers’ Compensation and SOMEONE needs to be checking that your Experience Modification Factor is CORRECT.
Experience Modification is not an easy concept for most people to understand. Risk Managers are trained extensively in finding these types of mistakes—as well as discovering savings for their clients, such as described by the following example.
Finding Hidden Savings In Workers’ Compensation Coverages
A costly payroll mistake is not “limiting or capping” your Directors’ and Officers’ income.
Are your company’s Directors’ and Officers’ payroll amounts capped out (or limited) for your Workers’ Compensation carrier premiums?
Your Chief Executive Officer may make $400,000 a year, but you are only required to pay premiums on a certain percentage of that amount. Do you know how much?
Have you also checked to make sure these important payroll job titles are current and accurate? Having truly designated Directors and Officers AND having payroll caps can make the difference in thousands of dollars in premiums.
Why not let an expert deal with all these issues? Then you can move on to what you do best—running your company.
Business-related insurance is costly enough without errors costing you EVEN MORE money.
We can handle ALL your insurance and Risk Management issues AND find savings at the same time! That’s money you can put BACK into your business.
Operational Systems For Workers’ Compensation
Another important Workers’ Compensation-related service we offer is helping to set up an operational system for your company.
When claims come in, you should get them back out as quickly as possible. You’ll be made aware of this and several other important and related issues when we set up your system.
Should I Self-insure?
Will self-insuring your Workers’ Compensation policy save you money? That depends. Company size, the number of employees and other variables—such as what you produce—must be taken into account.
And, funds must be readily at hand to pay out thousands, if needed, for a self-insurance claim.
Some companies can’t afford to do this. Can yours? If so, self-insuring may be a savings option. Just be well-aware that you are self-insuring—and to exactly what limits.
We have clients who self-insure and we’ve helped them set up their programs.
Our experienced Risk Managers can determine if self-insuring would be profitable for your company. And if you choose to go this route, we can walk you through the process.
D & O Insurance
Another coverage that we help our clients find and set limits for is called “D & O Insurance.”
D & O Insurance provides personal insurance for the Directors, Officers and Managers of the company. D & O Insurance protects THEM personally. And it not only protects them, but also their estate—their wives and children—if something should happen.
Unfortunately, it’s becoming more and more common for these company leaders to be sued. They are sued all the time. If the company is publicly traded, they are sued. If the company is privately held, the government could come after them.
D & O Insurance is for the personal protection of high-ranking key employees.
Risk Programs should not only include properties and equipment—YOU deserve protection, too.
Cyber Insurance is primarily geared to protect your company against third-party claimants.
If you have lists of names stored on your computers—Employee Social Security numbers, Customer Credit Card numbers and other data—and your system is hacked, this type of insurance protects your company.
Third-party claimants can sue you for alleged damages from identity theft if your system is used to provide access or avenues for illegal gains.
Speak with a Risk Manager to learn more about this ever-increasingly-needed coverage.
There Are Many Possible Solutions For Your Company’s Protection. A Risk Manager Can Help You Choose The Best Option.
If you have unpaid claims for what you thought was insured, you’re justifiably upset. You paid out good money for insurance, so you’d be protected. And now, not only are you out that money, but you also have to eat this entire loss. That can leave a bad taste in your mouth.
It only gets worse if you later find out that a simple error, such as leaving a name off on the insured form, caused the claim to be unpaid.
Our Risk Managers ensure that all the fine print that goes into your policy is accurate and complete. We’ll make sure you’re covered. Taking care of all the details, so you can take care of business, is just part of What We Do.
Aggravation At Your Agent
Many clients come to us because they are aggravated by their insurance agent. They have asked time and time again for a better price on their Commercial Insurance policies. These clients feel like their agent’s only real service is providing them with a bill at renewal time.
If you feel like your agent doesn’t do anything but take your money, then you’ll be glad you found American Risk Managers. We’re definitely not against insurance agents. We work with them daily and have a high regard for them. It’s just that we have different agendas.
Your agent is getting paid based on the COST of your insurance policies. We get paid based on the SAVINGS we find in restructuring your insurance policies. We also handle all your Risk Management Programs. “That’s a 2-for-1 Special” for one of your company’s costliest issues.
Help With ‘Hard-to-Find Coverages’
Does your company produce products that are considered dangerous? Do your employees work in conditions that could be considered hazardous?
You might have some trouble finding Commercial Insurance Coverages.
Perhaps even your location or your buildings are difficult to insure.
We can help you find “Hard-to-Find Coverages.” We have done this for many of our clients.
Take advantage of our 40 years of experience in the Insurance Marketplace. We know risk and we know how to protect you—and find coverages for you.
Fleet Safety And/Or Fleet Coverage Questions
If you’re looking for risk and insurance savings information for your Business Fleet, we can help. We know that as long as your trucks and vehicles sit on your property—there’s not a lot of danger.
But… in order to perform the work they’re supposed to do; your fleet goes away from your premises. It gets away from your control. So, you have to make sure that vehicle operator is fully-qualified and of a mindset to be someone you can depend upon.
Most vehicle losses, just like airplane crashes, are operator error. We can help you with your drivers’ selection. We’ll also work with you to make sure all your vehicles are in top-notch, top-rated conditions. Poor fleet maintenance is a risk to avoid at all costs.
Business Income Or Business Interruption Insurance
Your company should be protected against losses from business interruption and against the loss of long-term income. These types of insurance issues are among the MOST complicated and misunderstood claims procedures that any company has to deal with.
We’ve been there—and we’ve done that—and our clients have US on their side during claims procedures.
We also insist that our client’s insurance companies provide a provision to pay for an outside accounting firm—known as a forensic accountant. If need be, this firm will come in and establish the loss on behalf of the client.
This has actually worked out in our client’s favor—every time.
Coverage For The Loss Of Key Employees
If your company has to be shut down for any reason, will you be covered for the loss of Key Employees?
We can help you with this issue and give you several reasons why this is an important coverage to obtain.
We can also help you decide on the adequate protection amount.
Protection From Outside Contractor Claims & Third-Party Losses
If an outside contractor or a third-party is doing work ON your company’s premises—or elsewhere ON your behalf—then you need to protect yourself against loss.
You should have contracts signed with ALL outside parties to ensure that your company is never left footing the bill for accidents or negligence caused by persons who are NOT on your payroll. We can help you with these types of contracts.
The Ever-Evolving Insurance Marketplace
Each day, the Insurance Market changes. If you’re not involved in the market on a daily basis, it’s hard to know what is happening. Coverages are modified. Others are discontinued.
You’re an expert in your chosen field. You don’t have time to be an expert in the Insurance Industry.
American Risk Managers are experts in the Insurance Marketplace. And we love new challenges. Let us deal with your Risk Management and Insurance needs.
It’s a risk-free proposition—$avings are a byproduct of our proven technique. Our fees will be less than your drop in insurance premiums—or we’ll lower our fees—guaranteed!
The Deductible Decision
Is taking a large deductible going to save you money? Or not? If you take a large deductible, can you afford MORE insurance?
The size of your insurance premiums is a consideration in these decisions. A small change in deductible is not going to change the size of your premiums very much.
Helping our clients make decisions on deductible amounts is just another part of What We Do.
You Have A Problem
Problems are a part of doing business, but you shouldn’t have to waste your time working on Risk Management and insurance issues.
We’ve been doing this for 40 years. You might just have a problem we’ve never heard before… but maybe not.
We’ve had clients bring questions to us that they’ve asked multiple agents and brokers without getting an answer. We found the answers.
And just like most of the time—when we find solutions—we also find client savings.
Let us hear your risk or insurance question.
We’ll go ABOVE and BEYOND to find a solution.
You can also send questions through a contact form by clicking below.