UNDERSTANDING IS KEY
Whilst we are keen to obtain insurance at the right price, we believe this can only be done by gaining a thorough knowledge and understanding of the business and the potential risks a company has in relation to its business operations.
We have devised a Business Impact Analysis model for our larger clients which enables us to categorise risk in order of importance from high to low level exposure and identifying the potential impact on a business. In addition to getting the cover right it also enables a company to develop a Business Continuity Plan where measures are in place for survival in the event of a disaster.
BRIEFING THE UNDERWRITER
The Insurance Market is a complex place and it critical to select the Insurer who has the right knowledge and expertise to provide the required insurance cover. We pride ourselves in the quality of our detailed risk presentations. By fully understanding the risk profile of a business we can communicate this to the underwriters so they fully understand the risk that is being put forward for insurance cover. This reduces potential difficulties in the event of a claim.
GETTING ACCURATE QUOTATIONS
If Insurers have a better understanding of the insurance risks and the management of the company they are in a better position to provide accurate premium quotations.
Using the Riskworks approach results in insurers providing lower insurance premiums.
KEEPING YOU COVERED
We pride ourselves in providing a personal service to our clients. It is important that we keep in touch with our clients during their insurance year as developments in their business often result in changes in risk profile. Our dedicated Account Managers will agree a tailored insurance service programme and keep the client updated on developments in the insurance market.
Often a small business regardless of what it does requires a very simple insurance programme and one premium to cover the various insurance risks. Our Insurance Experts will provide advice on the types of cover a company will require and select the right Insurer. A number of insurance companies provide an insurance policy whereby all the required insurance covers are under one policy for a single premium. This makes life much easier and where possible premiums can be paid on a monthly basis.
Our Business Client Teams have the expertise to provide the right insurance and risk management advice to companies irrespective of size and business sector. Many companies through their business operations have complicated insurance type risks particularly in areas such as Manufacturing, Source and Supply, Technology, Professional and Contractual Liability.
Our Business Impact Analysis service enables us to examine for companies areas of risk on an ongoing basis. It follows that such analysis identifies events which either can be dealt with through adequate insurance cover or through Business Continuity Planning.
Directors and Managers have a responsibility to employees, third parties, such as customers and suppliers, to make sure they are given attention to such matters as part of corporate governance.
Having Riskworks as your Advisor, you will have a thorough understanding of the risk exposures, that you have the right cover in place and at the right cost. We have access to a wide range of insurance markets and services, to supply the right answer.
Managing a business can result in potentially huge exposures for individuals, their personal financial position, the assets and wealth of the company, its brand and corporate image. By assessing your exposure and applying Risk Management techniques, you can lower your Risk Profile and thus reduce business costs.
Riskworks’ specialist knowledge in Risk Management allows you to achieve this. We can assist you in protecting business and personal liabilities, managing Cyber, IT, Human Resources and Health & Safety; or in setting up a formalised Business Continuity Plan (because insurance does not guarantee business survival after a serious loss).
Our Risk Management service is part of the client package we offer. It will be tailored to meet the specific needs of your company.
As well as leading to lower insurance premiums, Risk Management brings the following additional benefits to client companies:
Reduces exposure to Directors.
Complies with Corporate Governance.
Improves focus for achieving strategic goals.
Acts as an important communication tool to employees.
There is no better time to reassess your Risk Profile for insurance purposes.
We are experienced in carrying out Due Diligence exercises. Our recommendations can be used for all areas of corporate finance and funding.
Our investigations look at adequate insurance protection, claims and analysing areas of insured exposure and premiums.
We are able to arrange insurance programmes to meet the needs of the subject company’s business operations. We can arrange specialist insurances required to meet issues raised in the Contract of Offer document. Such insurance can also cover warranties, indemnities and other matter covered in the Public Offering document or Securities.
This is a very important part of the service we provide to our clients.
We handle the total claims process from start to finish. This involves:
Receiving notification and advising insurers – giving advice at the outset.
Logging the claim in our diary system so we can actively follow up.
Liaising with insurers and any third parties.
Assisting in the negotiation process with Insurers and Adjusters to a successful conclusion.
With regard to Liability claims, we discuss with Insurers a defence strategy where appropriate.
Where feasible, we provide advice in reducing risk exposure which reduces the possibility of claims occurring in the future.
We do not sub contract any claims handling to Insurers or to any other third parties.
Our aim is to achieve the best result.