Six-Month Insurance Checkup
Insurance contracts last 12 months, or a full year. These contracts can be for a facility’s property insurance or workers’ compensation insurance, or they can be for employee-related insurance such as medical or dental insurance. One of the nice things about insurance programs is that they span a complete year. At Assurance, we educate and preach the importance of a six-month review for all clients to make sure everything is running smoothly. Midterm reviews at Assurance can take place in either the fifth or sixth month of an insurance program. During these meetings, the topics we cover include, but aren’t limited to.
- Receipt of all deliverables. Has the client been receiving all agreed upon information that they need such as claims exhibits, policy information, census data and invoices?
- Performance of insurance carriers. Has the insurance carrier been responsive to all requests? Are they following established claims protocols and handling instructions?
- Performance of Assurance. Have all employees at Assurance provided best-in-class services? Are there any areas where Assurance needs to improve?
- Goal review. Are we achieving all of your risk management and health goals such as loss reduction, wellness goals, utilization and claim mitigation?
- Review of all outstanding coverages. Are there any additional coverages the client needs? Are there any insurance coverages that need to be increased?
- Any business changes. Have there been any changes in the client’s manufacturing business that would cause the need for additional insurance coverages, removing insurance coverages or increasing insurance coverages? Are there any other areas where Assurance can assist our client?
We believe that it’s wise to meet with your insurance professional with some regularity throughout the year. One of the most formal and valuable meetings that we believe should take place is a six-month checkup or midterm review. These reviews allow for a reflective time to assess all areas and make sure everything is on track. Depending on the size of your company and the proximity of your insurance broker, a successful meeting can be done over the phone. Good luck maximizing the health of your manufacturing facility’s insurance program!
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