Risk Management Continuing Services

After designing your company’s unique Risk Management Program, its management becomes our top priority. While still benefitting from all of the services outlined in INITIAL SERVICES, it’s now time for you to enjoy even more benefits.

And as we focus on continuing solutions for your risk needs, we’ll remain committed to finding savings.

American Risk Managers’ Continuous Program Monitoring

As part of our professional Risk Management Services package, all of our clients receive Continuous Program Monitoring.

Through this program, American Risk Managers will:

• Alert you to any changes in the Risk Management and Insurance Industries that could impact your operations;
• Advise you on the best way to deal with risks associated with any future changes you make within your company;
• Help determine the effect these changes will have on your insurance coverages and costs; and
• Field any insurance questions or problems you encounter and work through them with you toward the most advantageous outcome.

Got questions? We’ve got answers! And we’re always on-call for you at (800) 548-0117.

American Risk Managers pledges to offer the utmost in customer service and support!

Other Continuing Services Include:

Experience Modification Analysis & Verification

When you became a client of American Risk Managers, we carefully checked all of your Experience Modification information. We will continue to perform ongoing Experience Modification Analysis and verification on your behalf.

As part of this analysis, we check each data entry of this complex rating formula. We assure the accuracy of your modifier, which directly affects the cost of your Workers’ Compensation premiums.

IF any errors are found, we will negotiate corrections for you with your insurer and the National Council on Compensation Insurance.

Audit Analysis

As you well know, you pay only a “forecasted” premium for several of your insurance policies. General Liability, Workers’ Compensation, and Automobile and Umbrella Policies may be subject to audit for final premium determinations.

To obtain the BEST possible rates for your operations, it is essential that your records reflect ONLY chargeable exposures. Prior to your insurance company’s audit, we will help you gather the information that is needed to assure that the correct figures are used.

We will:

• Review the hundreds of code classifications for you;
• Help you create an accurate payroll and sales record;
• Ensure the proper limitations are placed on executive payroll; and
• Help you establish a perpetual Certificate of Insurance Program.

Minor Details Can Lead To Big Savings When Risk Management Experts Perform Independent Analysis.

Claims Analysis

The most important factor affecting the underwriting and pricing of your insurance programs is your company’s claim history. On an annual or semi-annual basis—whichever you prefer—we will review your loss data.

This Claims Analysis will:

• Reveal the leading causes of loss;
• Reveal the areas of operation producing losses;
• Reveal any loss trends which may be developing; and
• Provide a basis for corrective action.

To protect your business and employees, simple safety techniques will be discussed.

Workers’ Compensation Reserving Practices Analysis

We will review your reserving practices to make sure that only true losses are being used. Most companies set aside or “reserve” a certain amount of funds for an on-the-job injury.

For example, $200,000 may be set aside for an employee with a back injury based on the cost of possible spine-related surgery. If the back injury turns out to be just a strained muscle, the cost of health-related services may end up being only $20,000.

This is a very common practice, but many companies don’t realize that the reserve amount of money actually defines your losses.

The reserve should be moved back to actual loss until this correction is made—or it will be counted as a loss. Our Risk Managers will work closely with you to ensure the best reserving practices are used for your company.

Business Income Insurance Advice & Calculations

We are always going to advise you to carry Business Income Insurance, also known as Business Interruption Insurance. Your income is the most valuable asset produced by your company!

We can help you determine adequate limits to ensure you are fully protected against loss of income.

We also insist that your insurance carrier provide a provision to pay for an outside forensic firm—in the event of a claim. Having Forensic Accounting has saved our clients HUNDREDS of THOUSANDS of dollars.

Having Business Income Insurance can save your company from bankruptcy.

Renegotiations Of Insurance Coverages & Premiums

Through the restructuring of your insurance programs, American Risk Managers helped you obtain increased coverages at lower costs. We will continue this process by negotiating competitive renewal terms with your agent or broker.

We will evaluate your renewal proposal, as well as alternate proposals if needed. If you are not satisfied with the coverages and pricing offered, we will re-enter the Insurance Marketplace on your behalf and secure competitive bids.

As our client, you will always be assured of the BEST coverages at the BEST possible prices!

But that’s not all… We have EVEN MORE services to benefit our clients.

For more information, please visit our section on COMMON TYPES OF RISK MANAGEMENT ISSUES.

As always, we are available at (800) 548-0117 or via email at Advisor@Amerisk.org to answer any questions you might have.

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