A Risk Management Process with Real-World Results
I have a current client who works in the construction industry and they have a Workers Compensation policy with roughly 50 employees. My relationship with this client began four months ago after we went through our Risk Assessment. Upon reviewing, our team created a strategic plan to correct the issues uncovered. We found there was a significant error on ownership/class codes which had a direct effect on wasted premium dollars.
The Risk Assessment Process
All this time the insured has been overpaying for coverage without realizing the financial waste. During our assessment we discovered the owner was not excluded from Workers Compensation coverage. While revising the audit we also discovered incorrect class codes, incorrect officer exclusions and worst of all, these errors should have been discovered by the previous broker. Not only that, but we were able to add three new class codes which should have been on the policy all along — which resulted in our client lowering their insurance premium. This was costing the insured a large premium due at the final audit.
What started as a client owing $24,000 at their final audit, resulted in many months of work and a final audit of only $12,000. Receiving a 50% credit as opposed to owing $24,000 resulted in a positive outcome for the account.
Oftentimes, the bar is set far too low for insurance brokers. It’s truly a shame when I hear stories of basic items that could have been resolved had there been communication. In the end, we’ve been working with this account to correct each of the mistakes discovered. We helped our client create a clear, strategic plan to grow and uncover errors in their policy. At Van Beurden Insurance, we do everything in our power to prevent such issues from occurring.
Our Approach is Unique. See How We Can Help You.
If you want to learn more about potential opportunities to prevent your business from being at risk connect with us today. And who knows — we may uncover hidden threats and wastes which will only further protect your business. I look forward to starting a conversation to see if Van Beurden’s risk assessment process is right for your business.