Choose The Concannon Agency for Risk Management Consulting
When it comes to building and maintaining a successful business, every business owner wishes they could have a crystal ball to predict potential risks and liabilities. At The Concannon Insurance Agency, our deep knowledge of risk management and the insurance industry helps us anticipate risks and mitigate them, reduce costs and liabilities for our clients.
So what goes into our risk management process? And, why might you consider working with an insurance consultant to help manage your company’s risk? We explain more in this post.
Our Risk Management Consulting Audit Process
For each risk management consulting engagement, we begin with an audit. We view this as a fact-finding mission: we work with a leader inside the company to help us review critical information (i.e., OSHA logs, employee handbooks, claims data, safety committee meeting minutes, hold harmless agreements, insurance policies, standard contracts, leases, safety/risk management policies and procedures, training and orientation programs, etc.).
Following the audit, we work to identify a cross-section of internal stakeholders to participate in one-on-one, confidential interviews. These interviews often reveal both strengths of the organization, as well as risks. While the duration of an audit can vary, it can take anywhere from two weeks to two months to complete.
Based on this process, we are able to create a risk profile for our client, which identifies and prioritizes various exposures,risks and areas of cost savings for an organization. Through this, we also evaluate safety procedures and policies, orientation and training programs, provide a full claims review and evaluate the current insurance program to help us make informed recommendations for improvements.
Why Partner with The Concannon Insurance Agency for Risk Management Consulting?
One of the biggest benefits in working with The Concannon Insurance Agency for risk management is that we wear two hats: we have deep knowledge of both the insurance industry and of risk management practices.
And we are flexible with what you need. We can be your risk management consultant, and because of our insurance expertise, we can also market and place your insurance. However, if you already have an insurance broker, we’re happy to work alongside him or her and handle just the risk management aspects of your business.
We analyze the findings from the risk management audit against your current insurance policies and make recommendations on how to secure the right insurance, or potentially find other avenues to mitigate risk.
As your risk management consultant, we can:
1) Improve your company’s overall risk profile
2) Reduce or eliminate accidents that lead to losses
3) Create an improved risk profile combined with fewer accidents to help maintain lower insurance premiums, and
4) Build a sustainable and professional long-term relationship; thereby avoiding the typical insurance bidding process.
So not only can we create more thorough risk management and insurance solutions for you, we can ensure they’re more cost-effective, and can work with your existing relationships with other insurance brokers.
Success Stories
The Concannon Insurance Agency was brought on by one of the largest school districts in the state of Missouri to help with risk management consulting and insurance coverage. Our meticulous audit approach took approximately 4-6 months and at the conclusion, we helped the district save nearly $700,000 in insurance premiums — plus, we helped them obtain broader, more relevant insurance coverage as well.
A large non-profit was seeking relief on its ever-increasing worker’s compensation premiums. As their risk management consultant, we were able to identify and address the causes of the ongoing increase in premiums. And, in doing so, successfully reduced their claims and accidents which, in turn, significantly reduced their premium. By continuing to implement the safety measures we recommended, they realized nearly $700,000 in annual savings. These funds represent a significant amount of money that now go back into the programs each year to elevate their important community service offerings.
Want to Learn More? Schedule an Audit?
We would welcome the opportunity to provide you with risk management consulting services. We can save you both time and money while improving your insurance coverage and mitigating risks. Contact us here or give us a call at: (636) 537-5611.
