PI Protect - Risk Management Process
Risk Management Audit- The Risk Management Audit of your firm helps us identify exposures and define strategies to manage your risk.
Risk Management Service Plan- We Work with the client and carriers to establish your risk management service plan. This plan sets standards for account management, risk control, and claims management. It sets the standards for your service and holds Professional Insurors accountable.
Risk Management Consulting- Each client receives custom risk management consulting from our employees or our consulting network.
Stewardship Reviews- We will meet with you 6 months after inception of your plan to confirm PI, the Insurance Company, and our consultants are working to meet our determined goals for your risk management plan.
These are the four steps of our Risk Management Process Professional Insurors uses in order to strategically provide your business with the most cost-efficient and effective insurance coverage
Does your business have risk management programs in place?
Even the most forward-thinking businesses experience losses, so it’s important to be ready with risk management programs and response plans. The team at Professional Insurors can help you prepare your workplace so you’re ready to respond to a variety of scenarios.
Does your business analyze risks before they become a problem?
Many businesses mistakenly believe that they only have to worry about risk management after an incident, but the truth is you can start saving now by implementing safety and risk evaluation programs. We can provide you with guides, workplace policies and other resources so you can protect your bottom line right now.
Total Cost Of Risk (TCOR)
The Total Cost of Risk (TCOR) is defined as the overall costs associated with running a corporate risk management program. These include such items as:
Uninsured Losses or Losses exceeding Insurance Limits
Risk Control or Safety Expenses
Management's time in dealing with issues (claims, contractors, moving tenants)
Reputation with Insurance Companies (future premium increases)
Loss of Reputation in Community
Fines (City, State, Federal)
City or State Mandates (ordinances) that force upgrades after a loss
When looking at these issues, most would have to agree that avoiding the loss is by far the best way to lower your TCOR and a key component of risk management. Even though many say that there is not much they can do to lower their risk cost or, “it is just luck” that could not be further from the truth.
Risk Management Videos