Risk Management: to insure or not to insure – that is the question
Do you have a good grip on the risks your company could be facing? And how you would be dealing with these risks if they became a reality? Would you be able to carry the costs of these risks if something did happen? To be able to guarantee the continuation of your company, it is important to make conscious decisions. You will have to decide which risks you can absorb yourself, and which risks you want to insure. VMD Koster can provide you with the appropriate risk insurance to fit your specific needs. Thanks to our custom designed risk management insurance programs, you can continue to focus on your passion: managing your business.
How do we proceed ?
Step 1 : Analyze
First we get to know you and your company. Like this we get an idea who you are and what your company does and how it operates.. Next we catalog all the potential risks in your company in relation to: your properties, business means, activities, board and management, and your employees. After analyzing the collected information, we discuss with you how to reduce some of the risks, which risks you can accept and those you can not.. The risks you are not able to accept will have to be insured.
Step 2: Review of existing insurance policies
At this stage we review your present insurance policies. We evaluate if the overall package is complete and still fits the risks you don't want to carry yourself.
Step 3: Market research
Once it has become clear what requires to be re-insured or insured, and under which conditions this as to take place, we start our market research. After which we place a tender of the risks and requirements with insurers. From the offers that follow we review if all the required risks are covered in the bids. Following that review we select those which are most competitively priced and meet all the required.
Step 4: Adapting the portfolio
When our proposal for the insurance policies is accepted, we adapt your portfolio accordingly. We coordinate the communication with the insurers and make sure that the policies are in-line with our advice. You won't need to follow-up or be saddled-up with double coverage.
Step 5: Management and Maintenance
Good risk management is a continuing process . Since we have a clear picture of the risks encountered by the business owner, we can pro-actively think along with him or her. For instance, when legislative changes occur of influence to your company, or if you take-over another company we will take-charge. You won't need to ask for it.
What are the costs for your company ?
In an exploratory meeting with you we will make sure that the costs and charges for Risk Management are not only transparent but also comprehensible, Usually you already pay for those services in provisions and cost increases to insurers. In reality, good risk management is therefore always less expensive.
Make an appointment for an exploratory meeting. It won't cost you anything and you will certainly become better informed.