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How we help reduce the Total Cost of Risk

By January 19, 2021Blog Posts

Insurance rates are increasing, and the COVID-19 pandemic may amplify them. Our dramatically different process of avoid, transfer, and retain, results in less insurance being purchased, AND can keep rates in check.   


By analyzing your business, we help you understand how your current practices may expose you to risk, recommend viable alternatives to insurance, and, if chosen to be your expert buyer, buy, on your behalf, only the appropriate coverages you require.

If you could avoid risks that expose you to costly loss, you would take the needed steps to do that, right?

The same can be said of insurance carriers. The less likely a business is to experience a loss, the less money they ultimately pay in claims.

So, how does our process actually lower your Total Cost of Risk?  If a carrier sees that you are:

  • Operating in a manner that helps to avoid risk, such as having a written safety plan in place, providing training to your employees, and designing a return-to-work strategy for employees injured on the job; and/or:
  • They understand that many of your risks have been transferred to another party through favorable Hold Harmless Agreements; and/or:
  • You are employing a revised risk retention structure such as larger deductibles, self-assumption of the loss, all the way to self-insurance or a captive, where you assume greater financial responsibility for claims; then:

they see that you’re helping them reduce the likelihood of high-cost claims and can reward you for it through better negotiated rates.

It’s a win-win situation for everyone.

The Keystone Advantage

If chosen to be your “Expert Buyer”, we have access to a wealth of tools and expertise that can further help you manage claims and mitigate risks, through Keystone:

  1. Claims Management: Keystone employs experts who review serious claims and serve as a liaison between you and the insurance company to advocate for coverage or subrogation where appropriate.
  2. Risk Management: Keystone’s team of risk management experts can help you better manage your overall risk plan 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, or an employee return-to-work program.

If we asked if you had job descriptions for all your employees, you would likely say yes.  If we asked if you could rate each one’s performance as excellent, average, or poor, you would also likely say yes.

But if we asked the same about your current insurance agent, you would likely be hard pressed to give a definitive answer. The complete job description is often unknown, and no clear “yardstick” for evaluating performance frequently goes unshared.  We share both with our clients, so you know what you can expect, when it is to be performed, and how well you have been served.

Our clients will tell you Keystone agents don’t want to “Quote your insurance and hope they win.”  Keystone agents work diligently to ensure you win.

If you believe our clients are right, and your business could be better served, please reach out to your Keystone agent to schedule a meeting and get started.