COMMERCIAL INSURANCE

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.

Coverage

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:

• Suppliers
• Clients
• Daily operations
• Significant vendor and client contracts
• Financial cash flow history and projections
• Plans for growth and acquisition
• Competitive opportunities and threats

Risk Assessment

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.

Program Design

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!

SERVICE

Needs assessment/ current issues

Before placing commercial insurance coverage for your company, ASURA Risk commits to understanding and knowing:

• Any specific service issues and concerns
• Preferred means and timing of communication
• Program support requirements
• Training needs
• Reporting needs

Workers’ compensation

ASURA Risk provides a comprehensive support system for your Workers’ Compensation program. In addition to properly structuring a plan based on exposures, controls, and historical loss patterns, actively managing a Workers’ Compensation program is required to successfully reduce program costs. Pre and post loss services are designed specifically for each client and include:

• 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

Through a vendor partner we make available pre-loss business interruption analysis. The process helps to measure potential loss in the event of a significant business interruption. Once the estimated exposure to loss is determined, the report provided is invaluable at the time of loss adjustment.

Market placement

Part of a comprehensive service plan involves aggressively negotiating with insurance carriers at the time coverage is placed. Most carriers make significant resources available to clients – safety, industrial hygiene, environmental, etc.

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

ASURA Risk can provide disaster planning and business continuity consulting as needed.

Employer training and seminars

ASURA Risk provides employer training sessions that are tailored to meet the risk management needs of our unique clients. Our sessions are not ‘canned,’ they are custom. Training sessions are available
covering Workers’ Compensation 101, Managing Risk (contractual), Employment Practices Liability, and First Aid.

Information security

Networks, computers, and applications can be a source of operational vulnerability for many clients. ASURA Risk has allied with a partner vendor to provide consultation to investigate Information Security issues for our clients.

NET COST

Net cost is a function of coverage and service. Properly designed plans yield lower net cost programs. Properly serviced clients have fewer claims, and as a result benefit from lower costs. The total net cost of insurance – or the ‘total cost of risk’ – has several components. Net cost is not merely the price of insurance. Net cost includes:

• 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

Commissions are typically included in the premiums paid by insureds. ASURA Risk will disclose commissions received, including ‘contingent’ commissions.

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.