Hayes Brokers can be more than just your insurance broker. We can serve as your partner in business. That is why we offer FREE risk management services to all of our policyholders, no matter how big or how small.
Risk management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risks they pose. For Hayes Brokers risk management is a proactive discussion about risk and what to do to mitigate that risk. This is done in four ways: Risk Analysis, Contract Review, Policy Review and Claims Management.
Risk Management Analysis
Every business involves some level of risk, which is defined as something that can happen to your business to cause financial harm. Risk analysis is a discussion between a broker and a client that defines the particular risks that are inherent to your specific situation. Once the risks are determined, a risk management plan can be customized to the individual client, which can help with things like OSHA inspections.
Hayes Brokers offers contract review services not just to current clients, but also to prospective ones. Before you sign a contract for a lease, a loan or a job, you should contact an insurance broker to review the insurance terms of the contract. The following items will need to be reviewed:
- Policy limits required for all lines of insurance: Do you have enough? If you don’t, how much will additional coverage cost?
- Additional insured wording: Does the contract require specific wording for coverages, such as a waiver or subrogation, per project aggregate, etc? If not, can you get these requirements covered, and how much will it cost?
- Other lines of coverage: Are there additional lines of insurance coverage required to fulfill the contract requirements?
It is important to review the contract before it is signed, as increased coverage lines and additional coverage can eat into any job profits or the financial gains associated with a move or a loan. Reviewing after the fact can result in payments being withheld or expensive coverage being placed by a lienholder on your behalf, at your expense.
The purpose of insurance is to protect a policyholder in the event of a loss. This only works if you have the right insurance, and in the right amounts. A policy review with Hayes Brokers will determine what coverage you have versus what coverage your business actually needs.
Your broker will discuss with you:
- What is insurable. What are the risks your business faces and how can they be insured?
- What is not insurable. These is things like governmental action, intentional acts, most voluntary acts, profits or returns on investment, wear and tear.
- What is excluded, and why.
- What makes sense to insure or not insure (for example, insuring a $500 piece of equipment when you have a $500 deductible).
Your broker will help you determine whether you are properly covered on all fronts. If additional lines of coverage are needed, quotes will be provided at no charge.
Risk management doesn’t stop once your policies are in place. In the event of a claim your Hayes Broker will be there to help you determine the financial impact of filing a claim. Multiple small claims can result in increased premiums over time, or possible policy non-renewal. Will filing a claim result in further financial loss? Contact Hayes to find out.
You Are Not Alone
All businesses have risk, but there is no one formula for managing risk. Hayes Brokers will review your policies and your contracts to customize a risk management plan to fit your business. Call Hayes now for this valuable free service.