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Risk Assesment

Van Beurden’s Risk Assessment Approach: How It Works

I received a call recently from the owner of a roofing company who had been referred to me by another one of my current clients. The roofing company planned to rent a new building and requested a “quote.”

You should know that the Van Beurden approach does not focus only on a competitive quote, but instead we take an alternative approach that focuses on value and understanding all of your operations. Without understanding your daily operations, how is it possible to fully determine which insurance solution is the right fit?

Here is a quick story of what was uncovered through our Risk Assessment Approach:

Through Van Beurden’s Risk Assessment, we learned a great deal about the roofing company, and we uncovered a significant risk. We determined that before the roofing company worked on condos, town homes and apartments, the owner of the roofing company actually called their previous insurance brokerage firm and spoke with their representative to ensure they had coverage for those types of jobs. The representative told them they were covered and could move forward with the jobs – certificates were even issued.

The roofing company did not know there were two VERY important exclusions on their current policy:

  • They had a Residential Exclusion of working on any project over 5,000 square feet, and
  • They also had Multi-Unit Exclusion for condominiums/town homes.

I emailed both exclusions from the client’s current Liability Policy to the insured and I instantly received a call from the owner, he was extremely upset. He told me the story about calling his previous brokerage firm and specifically asked if his policy would extend coverage to those jobs – they said “Yes.”

The kicker in all this is they were charged a broker fee!

This is an experience I hear far too often.

  • How many business owners have unknowingly put their business at a significant financial risk?
  • Are you confident your insurance broker truly understands your operations?
  • When was the last time you read your 100-300 page insurance policy and understood all the exclusions?

Let’s set up a brief 15 minute call to see if our process is the right fit for you. There is no pressure with our process, but we can assure you value will come from our conversation. Call us today to learn more!

Van Beurden Author