Whether you are a small bicycle shop or a multi-billion dollar industrial giant, you will most likely be required to buy and maintain some form of insurance. As one of the oldest industries, insurance is ubiquitous and readily available to most buyers at a price. The challenge, however, is making sure that your insurance is adequate and appropriate for your business.

For large companies that utilize sophisticated broker/underwriter relationships, the insurance that is recommended and purchased is generally appropriate. However, insurance does not always keep pace with changes in your business. As your operations expand into new geographical areas, you take on new joint venture partners and/or develop new products; your risk profile can change quite dramatically. As a result, these changes can be a risk manager and broker nightmare - particularly when new deals have been executed without contemplating what it means from a risk and insurance perspective.

For small and medium size companies, significant changes within the business can be even more challenging. Often times, these companies do not have a dedicated risk manager or a well-positioned insurance broker that has the ability to quickly gather the data, and arrange any new insurance that may be required. Unfortunately, these changes can have a direct impact on revenue because the new cost of these risks may not have been considered when deciding to move forward.

As a team of highly experienced risk and insurance professionals, we have the knowledge and background to help clients successfully navigate these types of situations. Whether you need one-off project based support to help manage the risks and insurance issues when considering a new business opportunity or full outsourcing support for your risk management function, Solomon-Joseph is well-positioned to help you protect your business interests as you grow and expand.

CORPORATE INSURANCE & RISK FINANCE SERVICES:

• RISK & INSURANCE SUPPORT SERVICES
  • Risk  and exposure identification and analysis
  • Policy review and analysis
  • Claims analysis and claims settlement assistance. Recapture of outstanding legacy claims from prior insurance carriers and  in financial institutions in receivership
  • Assist in preparing insurance new business and renewal submissions to insurance carrier.
  • Negotiation of insurance terms and conditions
• RISK MANAGEMENT AND INSURANCE OUTSOURCING
  • Create or organize a sound risk management department
  • Assist with hiring and training qualified insurance and risk management professionals.
  • Working with internal and external clients to create insurance submissions
  • Assist with broker selection, market assessments and prepare comprehensive bid packages
  • Review of broker proposals, quoted policy terms and rates for accuracy, consistency and completeness
  • Provide recommendations for an effective insurance programs
  • Assist with the negotiations of coverage terms and premiums
  • Discuss final insurance and risk management program with management staff
  • Establish retention program for all policies and underwriting data
  • Monitor existing risk management program and recommend necessary changes

COMMON CORPORATE INSURANCE ISSUES

We've come up with some common scenarios that many businesses find themselves in when it comes to corporate insurance and risk finance. If any of these sound familiar, take our 60 second profile below to get a better idea for where your company stands.

INSURANCE PROGRAM–SURGE SUPPORT

It is a few weeks before your insurance renewal when a profitable business opportunity presents itself to your company. As CFO, it is your responsibility to purchase the insurance for the company while also navigating the company in its financial decisions. Because of the size and complexity of evaluating the new business opportunity, it leaves you with very little time to organize the required data to complete the insurance renewal.

RISK MANAGEMENT OUTSOURCING

Your company is growing at a record pace. However, it is clear that the company’s risk exposures are growing at an even faster pace. Currently, operational risk management is everyone’s responsibility in the company, but it is clear that an experienced risk manager is needed to help identify, analyze, treat, and monitor risk exposures on an ongoing basis.  Nevertheless, you do not have the headcount authorization or budget to hire another high-level employee.

CORPORATE INSURANCE ADVISORY SERVICE

Your company doubled in size seemingly overnight. Consequently, your company’s risk exposures are now more complex than you or your insurance agent could ever conceive. Although your agent is your best friend of many years, it is evident that a more sophisticated insurance agent/broker is required to manage the company’s risk. In order to make the right decision, you need some objectivity.

60 SECOND PROFILE

Quiz yourself below to see where your company stands on corporate insurance and risk finance: