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Risk Management Bulletin


By May 1, 2011No Comments

To make sure that you obtain the best value in protecting your business against the risks it faces, we work closely with a number of quality insurance companies, providing their underwriters with comprehensive information on your coverage requirements, together with your pricing and servicing expectations. You can help us help you by building and maintaining a “risk profile” that lists your exposures, loss data, and insurance contracts.

This list should include, but not be limited to:

  • A narrative history of your firm that’s both positive and realistic. Well-managed businesses that have adapted well during up and down economic cycles will encourage underwriters to provide competitive prices on your account.
  • Résumés of key management show that you know your business and have a great team behind you.
  • Sales brochures and Web pages, if applicable.
  • A Dun &Bradstreet Report on your business. If D&B is unable to complete a report, you might get a lower financial grading. Even if you’ve had a few bumps along the financial road, some insurance companies will be willing to work with you— but not if they have to pull teeth to get the relevant information.
  • Audited financials, if applicable.
  • Your estimated sales, Workers Compensation payroll, automobile fleet, and property and equipment values.
  • Historic sales, payroll, and auto units for the past five years.
  • Insurer loss runs/claim runs for the previous five years on all policies, valued within 90 days of your renewal.
  • An outline of your safety plan(s).
  • Fleet maintenance schedules.
  • Your Workers Compensation experience modification factor (Comp mod), if applicable.

Insurance companies have invested heavily in computer systems that track all the relevant data on their clients. Be sure to review this information for accuracy and add it to your own database. Maintaining a comprehensive, accurate and current “risk profile” and staying on top of how you present this information to company underwriters will give you a far better chance of securing a competitive, effective, and affordable insurance program.