Un-FAQs

These Are Questions That SHOULD Be Frequently Asked:

• We understand the role of the broker is to assist our organization in the purchase and maintenance of our insurance program. That said what else would you bring to the table? Talk to us about your strategy on our account?
• Our experience modification factor is high and going higher. What suggestions do you have and what internal solutions does your brokerage firm offer that will enable us to reduce this critical statistic?
• We spent $250,000 last year on New York liability insurance and another $50,000 in additional deductible charges which is an additional 20% over the cost of our liability program. how can we reduce this cost, and is there a correlation between our general liability costs and our deductible?
• Claims are unfortunate, but this is why we buy insurance. Bring us through how the claims process works in your office, and how your firm manages our outstanding legacy claims since they are still impacting our balance today and certainly in the future.
• We have several different folks that are responsible for different pieces of our business that effect both how we manage our risk, and how that risk is then transacted through insurance. (i.e.  Begin working on a vacant piece of land we have been land-banking into a live construction project, someone needs to remember to change our policy so that the construction work is covered , then follow up for the proper endorsement.)This is a challenge for our organization since there are so many different moving pieces. How can your firm help organize and structure these transactions. One dropped ball could cost us millions, and our system needs improvement.
• What kind of reports does your brokerage firm issue to help us manage and track our total cost of risk?
• What reports would you suggest we use to help the performance and pricing of our account, and why did you pick those reports?
• If you were me what goals should we set for our organization as it relates to risk and insurance. (HINT: Lowering your insurance cost is a bad answer since we know 80% of our companies true costs are outside the cost of the insurance premium).