Get Ahead with Benchmarking
How to Conduct a Benchmarking Review
Part 2 of 8: What Your Insurance Broker Isn’t Telling You
Have you ever wondered how your insurance program stacks up to your peers? If you haven’t asked yourself that question, maybe now’s the time.
With access to industry rates, coverages, limits of liability, retentions and trends, we’re able to show you what companies similar to yours are doing within their insurance programs.
With the data at hand, we can also help guide you on what your program should look like as your company stands currently and what to expect as your company grows. Preparing and taking a proactive approach by utilizing the proper benchmarking material can keep you ahead of the curve.
Speaking of being proactive, when was the last time you’ve had a comprehensive review of your business insurance and risk management programs?
This is the first step we take when working with clients. A full review of your current program takes center stage when we begin. By pulling back the layers of your program, we’re able to address how you stack up in comparison to your peers. Our benchmarking review will include reviewing your current coverages, deductibles, limits of liability, makeup of your portfolio, loss ratios, geographic locations, building occupancies and, finally, a detailed review of your risk transference program.
So, let’s start with a few questions about your current coverages. We’ll review your:
- General liability
- Management liability
- Excess liability
- Builder’s risk policies
While reviewing your coverages, we’ll also look at deductibles and limits of liability which can have a huge bearing on your insurance premiums and alter your expenses. Often times self-insuring (up to a certain limit) can make sense and help reduce what your insurance loss ratios are.
Next, we’ll review the makeup of your portfolio, geographic locations, building occupancies and what types of losses you’ve incurred. This will help us show how you stack up to your peers.
Finally, a review of your risk transference program will round out the initial review. We break down the nitty gritty of your losses and how you’re currently protecting yourself against claims. Remember, this is a critical area where we can help drive down your insurance premiums – which is what everyone wants! We’ll be able to show you how your peers are mitigating their risks and what you should be implementing within your insurance program.
Chat with a member of the ‘A’ Team to learn more.
- Benchmarking: How Your Insurance Rates Stack Up
- Risk Transfer for Property Management Companies
- How Does Your Risk Management Program Stack Up to Competitors?
- Real Estate Flyer
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