Did you know that financial leakage inside your Risk Financing and Risk Control Program can add an additional 40% to your premium cost?
It’s true. This is not a drill.
Every time you have a claim event, a business disruption occurs, and the impact ripples inside your entire business model. The negative impacts show up in lost productivity, strategic position, and any brand damage you may incur.
By the way, your insurance carrier DOES NOT pay these indirect costs. YOU pay them from your capital, EBITDA, and margins.
To improve your business results, here are THREE CRITICAL STEPS you should take to ensure you’re not hemorrhaging capital from your financial statement:
- Identify the amount and source of your financial leakage. Most insurance brokers can’t do this, but we are uniquely qualified and trained to analyze your current Risk Control Program to determine if you are being well-served.
- Develop a long-term strategy to mitigate these unwanted costs. We deploy specialty resources designed to lower the severity, frequency, and additional expenses associated with major claims events.
- Measure your progress. Knowing and attacking Financial Leakage is a team effort, and you must keep tabs on the progress. As a client, we’ll provide regular scorecards to show you how your business has been impacted.
These controllable Financial Leakage costs need to be identified, contained, and recaptured as soon as possible to protect your business from unnecessary expenditures.
So, contact us today! As an Analytic Brokerage, we are among the select few insurance brokerages in North America that can help you recapture these expenses. We’ll conduct a complimentary cost assessment of your existing Risk Management Program, measure your Financial Leakage, and show you what you can do about it!