Risk Management Initial Services

To start the process of restructuring your insurance programs, one of the first things we will do is change the renewal date of your insurance policies—if they are set for January 1 or July 1.

You will benefit with better coverages and lower premiums by not competing for an underwriter’s time during these regular renewal dates.

Comprehensive Client Overview

Risk Identification & Measurement

Site Survey

Our Team will perform physical inspections of your operations and facilities to identify the potential risks faced by your company.

Loss Evaluation

Exposures to loss common in your type of business will be evaluated, as well as any threats associated with location, equipment or transportation.

Replacement Valuations

All properties, operations and assets will be analyzed to ensure values are adequate, so that your company is fully covered for losses.

Management Interviews

By speaking with your company’s top personnel, its unique risks can be even better identified, understood and addressed.

Insurance Policy Review

All existing policies will be thoroughly examined to:

• Check coverage limits against replacement values;
• Make sure you are fully insured;
• Establish exactly what coverages you need; and
• Determine what the fair market costs should be.

This detailed wording analysis will reveal:

• Dangerous gaps;
• Costly overlaps;
• Discrepancies;
• Duplications;
• Errors;
• Misclassifications; and
• Exclusions.

By going through the many pages of small print in your policy, our Risk Managers can further determine that your coverage is adequate, but not excessive, and that the premium you are paying is competitive within the current market.

Information will be compiled for later decisions on renewing the existing policies or going through a bidding process. Also, if any interim modifications to the existing policies are needed, recommendations will be made to management at this time.

We Can Find The Hidden Risk Issues That Threaten Your Business.

Analysis Of Claims & Losses

Another part of our Risk Management Services package involves an in-depth analysis of claims. Frequent or common claims will be addressed with corrective actions to help reduce the number and severity of your claim activity.

Corrective actions can include, but are not limited to, educational activities and alternate equipment considerations. Safety training resources and on-site classes can be added to reduce risk factors.

Workers’ Compensation activities will also be closely reviewed and checked for accuracy.

These will include:

• All open claims;
• Past insurance audits;
• Past Experience Modification reviews;
• Workers’ Compensation Code Classifications; and
• Experience Modification Factor recalculations.

Exposure Survey Report

All of the findings from the Client Overview will be closely studied and then detailed for owners and top management in an Exposure Survey Report.

This comprehensive report will reveal:

• The results from site surveys and personnel interviews;
• All of your company’s exposures to loss;
• Any weaknesses in your existing coverage, as well as its strengths; and
• The competitiveness of the pricing of your existing program.

Plan Of Action

At this stage, American Risk Managers will develop a plan of action to minimize or eliminate your risks and the threats of financial loss faced by your company.

Your company’s uniquely-designed Risk Management Program will:

• Protect your company’s assets and operations;
• Establish the best coverages and services to match your exposures;
• Offer the most cost-efficient solutions;
• Obtain maximum benefits for your company;
• Meet your needs on a continuous basis; and
• Provide you with peace of mind so you can focus your attention on business.

Decreased Risk And Increased Savings Are On The Horizon!

American Risk Managers

• Standing Behind You
  
  Acting as Your Advocate and Assuring Your Company’s Assets Are Adequately Covered;

• Sitting Beside You
  
  Managing A Bidding Process to Obtain The Lowest Premiums While Enhancing Coverages; and

• Looking Ahead
  
  Managing Your Risks and Checking Your Classifications and Codes to Ensure Accuracy and Savings.

Program Implementation

The next several stages of Client Services deal with insurance coverages and help you obtain the best protection AT the best prices.

Bid Specifications

American Risk Managers will use all of the information from your Exposure Survey Report to create detailed insurance coverage specifications.

As these specifications can be used to “bid out” your insurance program, they are known as Bid Specifications.

Benefits of the bid process:

• Improved coverages;
• Decreases in cost; and
• More effective product control.

Bid Specifications:

• Detail the exact insurance protection your company needs;
• Determine the appropriate limits of coverage;
• Help tie together your insurance coverages—eliminating overlaps and dangerous gaps;
• State your underwriting data, program design and terms;
• Present your insurance account to the marketplace in a positive and professional format; and
• Provide the information necessary for agents/underwriters to offer competitive quotes.

These specifications can also be used in the future as customized renewal specifications—ensuring that you will continue to receive all-encompassing coverages at the most competitive prices.

The structuring of your insurance program is one of the biggest strengths offered by American Risk Managers.

The next few steps are where the savings will be found to more than cover our fees. These actions will also determine the amount of your overall savings—Your Profit Center.
Risk Management Solutions Can Help Create A Profit Center For Your Business.

Entering The Insurance Marketplace On Your Behalf

A carefully controlled negotiation process will begin with insurance providers selected by you.

We can also make recommendations, if requested to do so.

All bid activities will be conducted in an open, fair, well-informed and professional environment. Insurance markets will be assigned so that any conflicts are avoided.

The Bid Specifications will be published for every agent/broker involved so they can develop and deliver their best products and prices.

American Risk Managers will:

• Work with these agents/brokers to obtain any needed underwriting and pricing information;
• Relieve you of the cumbersome task of developing all the specifics required to rate your account;
• Handle all the time-consuming and burdensome paperwork, phone calls and questions;
• Provide any additional information, freeing your time to run your company;
• Select a specific date for agents/brokers to present their bids; and
• Schedule all of the individual appointment times.

To ensure complete equality and accuracy, each insurance provider will also be given a Bid Form. These forms will parallel our Bid Specifications, allowing each agent/broker to respond to the specified coverages and pricing items.

Bid Process

American Risk Managers was founded on the idea of “having someone sitting on your side of the table” during insurance negotiations. The Bid Process is where this all-important function actually happens.

We’ve gathered information, provided specifications and now we’ll be sitting beside YOU and representing YOUR best interests.

When the bid date arrives, all agents/brokers will be invited to meet at your office (or a location of your choosing.) This provides a level playing field for all—the best possible environment for everyone involved.

Agents/brokers will then be given sufficient time to present their programs in a professional manner.

Analyzing The Results — Bid Analysis

Using the Bid Forms and notes taken during the agents’ presentations, a detailed and comprehensive Bid Analysis will be created. This analysis will take the mystery and confusion out of comparing all of the different bids.

The Bid Analysis will:

• Be presented in an easy-to-understand spreadsheet summary;
• Display all the facts and details of each proposal;
• Provide an accurate and objective overview of every program;
• Encourage fair, equitable comparisons of coverages and prices;
• Allow recommendations to be made to management about placements;
• Help determine the final cost of your insurance policies; and
• Enable you to make a knowledgeable and well-informed buying decision.

The placement of your coverage ends this part of the process, but not the end of our services.

We will perform a detailed check of your policy after it is issued. The policy binder will be compared to the presented bid to ensure that your program was written as promised. If any corrections are needed, American Risk Managers (ARM) will secure them on your behalf.

You are now fully onboard with ARM—with a team of experts at your disposal.

We are committed to developing and maintaining communications with our clients.

You are now entitled to even more Risk Management Services, including Continuous Program Monitoring, and continued Claims and Loss Analysis.

For more information, please visit our section on CONTINUING SERVICES.

OR begin your own client journey by clicking below.