“Wait, you may say. Aren’t you an insurance agent, paid on commissions from selling me insurance? You want to help me buy less of it?”
“YES, we do . . . and for a very important reason. We would rather serve your business forever at a lower compensation . . . than to serve you for a year or two and lose you to someone who points out you’ve been sold coverage you don’t really need.”
Our mission isn’t merely to become your insurance agent, but rather, your “Expert Buyer,” and long-term risk advisor. Our clients are shocked when they realize that many agents take their policy and replicate it, quoting it with multiple carriers, attempting to get the cheapest price. But without a thorough understanding your business, your operations, and tolerance for risk, we can’t determine what is currently covered is appropriate or properly designed. We call these unaddressed loss exposures “Risk Landmines,” and just like real landmines, if left in place and tripped, they can cripple or kill your business.
Understanding your true needs and your ability to handle loss utilizing non-insurance techniques often leads to our clients purchasing less. This is where our dramatically different, three-step process comes in.
It’s all about risk discovery and treatment. After discovery and risk analysis, we’ll help you determine how best to handle risk through:
Are some of your processes and procedures exposing you to risks that you could simply avoid? A good example is Domino’s Pizza®, and their guarantee to deliver in “30 minutes or less or it’s free.” While it was a great marketing ploy and helped sell a lot of pizzas, their insurance claims skyrocketed due to accidents related to careless and speeding drivers trying to fulfill the promise. The cost vs. benefit just wasn’t worth it, and they discontinued the offer.
Depending upon your “relative bargaining position” with other parties with whom you do business, you may be able to contractually transfer some of your liability exposures to them. This is frequently done through Indemnification and Hold Harmless Agreements. Many business owners sign leases, contracts, or purchase orders prepared by other parties, and have unknowingly agreed to release these other parties from “any and all liabilities.” The “any and all” language is broader than what most liability insurance will cover and may leave you open to claims for which your insurance policy won’t pay. Contractual risk transfer should be utilized wherever possible on agreements drafted by you, and rejected, wherever possible from agreements prepared by others, requiring your signature. And let’s be clear; we serve as risk advisors, not attorneys. Our clients appreciate that we work closely with their legal counsel to ensure our advice in lockstep with the advice of their legal team.
Your financial flexibility and willingness to assume a specified amount of loss will eliminate the need for some insurance. We help our clients determine how much loss they can self-assume without adversely impacting their bottom line. From a $50 deductible all the way to self-insurance or a group captive, our clients gain more control over their insurance costs.
After analyzing what risks you can avoid, transfer, or retain, we design and help you implement a smart risk management plan that fits your needs. Our process isn’t a “one and done” event. As your expert risk advisor, we monitor and modify your plan as each year to ensure you get the biggest bang for your buck.
The Keystone Advantage
As a Keystone agent, we have access to tools and expertise that can further help you manage claims and mitigate risks:
- Claims Management: Keystone boasts experts who can review complex claims, and serve as a liaison between you, and our core insurance carriers, as advocate for coverage and/or subrogation when required.
- Risk Management: Keystone’s team of risk management experts can help you better manage your overall program by developing safety plans, employee safety training programs, managing work comp claims, and even handling HR-related procedures by designing employee handbooks, handling FMLA administration, and employee return-to-work programs.
These are just some of the ways our dramatically different approach helps you manage your business risks and operate more profitably!