Many of our programs incorporate Commercial Insurance as a way to transfer risk. Exposures that are unpredictable and too severe to self insure are best transferred to a financially stable insurer. To lower the cost of this insurance, ASURA works with clients to avoid, mitigate, and when possible, contractually transfer exposures. This is how we bring value to our clients: activating risk management strategies and properly structuring insurance when purchased.
Before placing commercial insurance coverage for your business, we endeavor to fully understand your operations. Through interviews and information gathering, we will gain knowledge of your:
• Daily operations
• Significant vendor and client contracts
• Financial cash flow history and projections
• Plans for growth and acquisition
• Competitive opportunities and threats
Our Risk Assessment is based on a reading of the in-force policies. The result is a ‘findings and recommendations’ report summarizing coverage and noting important endorsements and exclusions. We then outline recommended changes to the terms and conditions of the current policy.
The analysis of your policies recognizes the legal nature of the insurance contract and is designed to protect your interests, assets, and balance sheet.
Commercial Exposure Checklist
We typically utilize a commercial exposure checklist to identify exposures. This proprietary document covers all aspects of business operations including property, liability, automobile, environmental, and management protection.
In addition to identifying and binding the proper insurance policies, the structure and design of an insurance program is important. The structure and design of a program helps to avoid gaps in coverage, minimize uninsured risk, and reduce the net cost of insurance to the extent possible.
Program design is influenced by a company’s philosophy with regard to risk transfer. It is our opinion that commercial insurance programs should be designed to provide coverage for large and/ or catastrophic occurrences. Cost effective insurance programs often self-insure for smaller, lower cost claims.
For many clients, we are able to expand coverage while increasing the retention in low frequency risk areas. The net effect: a more cost effective insurance program!
Needs Assessment/ Current Issues
• Any specific service issues and concerns
• Preferred means and timing of communication
• Program support requirements
• Training needs
• Reporting needs
• Safety, Ergonomics, and Industrial Hygiene
• Claims Monitoring
• Workers Compensation 101 Training for supervisors and HR Department Personnel
• Return to Work and First Aid Programs
Pre loss business interruption analysis
We provide annual client service calendars that include carrier services as well as supplemental services provided by ASURA Risk or other vendors.
Business continuity services
Employer training and seminars
covering Workers’ Compensation 101, Managing Risk (contractual), Employment Practices Liability, and First Aid.
• Premiums associated with insurance,
• ‘Retained’ or self-insured limits
• Commissions and other fees associated with insurance placement
• Internal risk management and administrative costs
• Vendor risk management costs
• Uninsured losses
Each of these components must be included when determining net cost.
Commission and Fees
Fees are disclosed clearly and as part of any proposal. In some cases, structuring an insurance program on a ‘fee basis’ can provide better value to an insured. Commissions are typically a percent of premium, and do not always reflect the amount and quality of work performed by the broker.
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