Cost of Risk Analysis
Using data garnered from your business and our expertise, our agency can put an estimated dollar figure on important risk exposures and solutions, which allows you to select the most appropriate and cost-effective coverages and risk prevention solutions.
We can calculate an estimated return on investment for implementing security measures and the security plan’s overall financial impact on your company. Using coded information on your property and facilities, we can overlay local risk data to generate an annualized loss expectancy (ALE) for your premises then manipulate that outcome with computer-generated scenarios that apply different security factors to show which have the greatest prospective impact.
Using cost of risk analysis, we can help you determine the best deductibles and self-insurance options along with financial reserves set aside for uncovered loss payments. You need to consider multiple variables, including but not limited to:
- Insurance premiums
- Gaps in your coverage
- Administration costs
- Risk management program expenses
- Legal fees
- Other claims expenses, such as expert witness and investigation costs
Qualitative Input Makes Data Come Alive
Our risk management experts aren’t just number crunchers who spit out reams of spreadsheets for you to pore over until you’re dizzy. We analyze risk management solutions, both proposed and implemented, to quantify your ROI. If one area is costing too much, we will show you. If another isn’t performing as well as it should based on industry norms, we can advise you on changes.
Smart allocation of resources is important now more than ever. A partnership with us enhances your ability to succeed on so many fronts—not just insurance policy design. We are your full-service risk management team member, bringing more than 40 years of risk mitigation excellence to every one of our relationships.