New Jersey risk management is a dynamic process that doesn’t end when a client buys a product or settles a claim. Continued responsiveness and knowledge are crucial to a successful, long-term risk management relationship. A confluence of many services and approaches is necessary to optimize risk mitigation and premiums. A number of these approaches are detailed below.
Risk Analysis and Contract Review – Service begins with a thorough review of a client’s risks, working with management to determine which exposures are best assumed and which are best insured.
Insurance Marketing and Placement – New Jersey insurance programs must be designed and structured with price and coverage optimization. Similarly, underwriting submissions and negotiations with insurance carriers must be intelligently navigated to finalize specifically tailored proposals.
Claims Analysis & Service – Administrative burden can and should be substantially reduced by paying close attention to the claims process. The ultimate test of the insurance product and the broker’s accountability comes when a claim is filed. Claims management specialists must monitor the reserve amounts, work with outside legal representation, and direct settlement negotiations. This will ensure the most advantageous settlement for clients.
Loss Prevention – This means working with New Jersey insurance carriers to design loss prevention programs to minimize risk, paying particular attention to those risks associated with harassment, workplace discrimination, wrongful termination, and workplace violence.
Client Education – Loss prevention and risk management seminars are highly useful and effective. Any New Jersey risk management firm should offer local seminar or online webinars, as well as newsletters and client advisories to keep our clients informed about trends and changes in the insurance marketplace that can affect them.
There are other facets of New Jersey risk management, and greater detail about the important aspects addressed above. To consult with an expert on these issues, click here.