Granite Comprehensive Small Business Insurance Risk Management Guide

Empowering You To achieve success
For nearly 100 years, Granite coverage has proudly and fortuitously served our community and helped them
with their coverage wishes. Now we’re assisting even extra people and groups with their insurance.
helping you obtain fulfillment is our ardour. Our primary intention is to Empower YOU or YOUR business to be a success even in the course of surprising activities, with the aid of supplying a tailor-made insurance application that meets your unique needs.
Our team is right here to help you analyze, design, execute and screen your risk management and insurance program. in case you are looking for a real chance control courting, with ongoing risk control recommendation particular to you or your enterprise, you may have simply found your self a new enterprise
accomplice!

For Businesses

Keystone affords us with added resources to assist
the visions and dreams of our commercial enterprise clients. From complex coverage solutions to threat control,
worker benefits, and monetary services, we’ve got access
to specialised know-how and products to meet the unique
commercial enterprise desires of even the maximum tough industries.

Partnership Plan
Granite insurance will provide the following Partnership services on your employer:
ACCOUNT management
Your devoted Account supervisor might be working with you on a day by day foundation for service requests and account control. The Account manager’s feature together with your enterprise is to make the coverage and risk control manner a seamless procedure and to be your “go-to” with all insurance provider requests and/or questions.

Certificate OF insurance control
Granite insurance will tune and manage your certificate of coverage on a every year foundation. each year, a list of certificate holders could be despatched to you to check so that COIs may be sent correctly upon renewal.

Contract evaluation At your request, Granite coverage will review the insurance phase of your contracts and recommend whether your cutting-edge coverage application meets these necessities, or if additional fees might be incurred.

Enjoy MOD management
Your enjoy amendment component without delay determines your employees repayment price and the profitability of your organization. Granite coverage will paintings with your company to increase a plan to achieve your minimal revel in mod, as a consequence minimizing your worker’s reimbursement costs.

ANNUAL coverage evaluate Granite insurance will conduct an internal review or audit of your insurance software
one (1) time in line with year. The intention of this assessment is to check cutting-edge claims, assessment coverages, compare regions of improvement and plan for subsequent yr’s insurance program.
every year we want to improve the chance control and coverage application on your operations. This assembly will coordinate strategic tasks and implementation to accomplish this mission.

Management training
At your request, Granite coverage will coordinate and lead education sessions for personnel and/or managers. these classes might be custom designed to your operation
and subjects could be primarily based round wished danger management areas which you request (incident response, a way to manage an worker damage, etc.)

AUDIT assessment
Upon request out of your agency, Granite coverage will review any coverage organization audits to make certain accuracy.
marketplace analysis / RE-marketplace (three YEARS)
it will likely be our fashionable exercise to workout the market every three years to ensure that our business coverage customers are matched with maximum appropriate insurance employer to guarantee customer achievement.

CLAIMS overview
each year, Granite insurance will carry out a claims review and analysis to determine claim tendencies and right hazard control processes to reduce or maintain these claims.

PERPETUATION planning discussion
Perpetuation planning can be a tough communique, but a important one.

Granite coverage will lead a dialogue for perpetuation making plans and investment in the event a key control member or proprietor is lost because of dying or disability.

Health advantages evaluation
discuss the need and method for medical insurance and other organization gain alternatives.

PERSONAL INSURANCE | LIFE INSURANCE ANALYSIS| lifestyles insurance analysis
Granite coverage focuses on helping commercial enterprise proprietors with their private insurance and life insurance needs. when is the closing time your private insurance application became reviewed to make sure it has changed as your life-style, assets and wealth have modified?

What’s risk?

The chance of something sudden or harmful taking place to reveal a business to monetary damages.
Why do I want coverage?
An insurance coverage is an settlement between you and an insurance business enterprise wherein the insurer
promises to pay/indemnify in the event of a loss if determined to be included via the wording of the coverage.
expertise the coverage deliver Chain – (How a policy is dependent) As a enterprise owner you want to paintings with an coverage agent to behave as your expert consultant and “buyer”. There are two styles of coverage dealers:
impartial marketers (brokers):
The unbiased agent works for you and works with more than one groups to locate the nice choice in the
marketplace.
Captive sellers (retailers):
The captive agent works for a particular insurance business enterprise and specializes in selling that particular corporation’s services and products (Farm Bureau, kingdom Farm, etc) Graniteinsurance.com | 828-396-3342 | information@graniteinsurance.com The unbiased coverage agent will work with an underwriter on the unique coverage corporations to negotiate to your behalf to determine your organization’s chance and determine the satisfactory coverage and pricing.
For small corporations, this will take as low as less than an afternoon to up to at least one-2 weeks.
For large groups, at a minimal it will likely take 30 days however as plenty as numerous months

Understanding the Insurance Marketplace – (The Rules of the Game)

Operating with more than one dealers does no longer come up with a aggressive benefit. coverage businesses will best
work with one agent to your commercial enterprise.
if you name ABC insurance, XYZ coverage, and 123 insurance & ABC insurance sends your records to 10
coverage companies, XYZ & 123 might be “Blocked” from drawing close the ones providers. What if ABC insurance
cuts corners or presents erroneous data to the underwriters?
running with one relied on broker to go to market on your behalf gives you the nice common gain.

The exception to this is while you recognise an agent has an unique dating with a market that
cannot be accessed by means of others.
examine your agent relationship (Interview your agent) – Your agent is your employer’s leader hazard
Officer. deal with the shopping for technique as if you’re hiring them. You need to bear in mind these questions while
comparing or choosing your agent

Does your agent have an in-depth communique with you about your enterprise?
Are your exposures nicely discussed and addressed throughout a large spectrum, so that you have peace
of mind if a claim takes place? Or do they sincerely appearance to replicate and paste your contemporary scenario with the wish
of saving cash?
Does your agent meet your expectancies in service?
Do they solution the cellphone or go back your call within 24 hours?
Do you obtain COIs in a timely fashion?
Are any billing issues promptly addressed?
Are claims discussed in more element?
What does the long term relationship appear like?
Do you hear from your agent in yr 1 and then they disappear for the following three-5 years?
Your agent have to set an expectation of what the relationship will appear like long term with regard to
reviewing your danger portfolio and the way often communication is needed to advert

Know-how your fee of threat
Your annual rates of your insurance rules are best one piece of the general value of hazard you face as
a enterprise. Factoring other difficult costs & tender charges need to be a attention (lost time/profits due to
exposed losses or high deductibles/ready durations)
some other aspect to be aware of is danger transfer:

put in force contractual agreements – that is especially crucial for contractors or producers
that work with subcontractors or providers.
continually require every other birthday celebration that you work with to list you on their policy as an additional Insured.
Waiver of Subrogation & keep harmless wording are critical to thoroughly shielding your enterprise.
customer shopping for manual Tidbit’s
It isn’t always on your quality hobby to “cover” the fee of your present day coverage regulations out of your agent.
Your modern fee is a image in time but is also a leverage point your agent can use when negotiating
with underwriters. Time is treasured for all parties concerned and it’s far a disservice to everyone if the agent and
underwriter can not discover the right opportunities from the get-move.
any other element to be aware about is the distinction between the same old marketplace vs. E&S market. The
insurance marketplace is divided between what we name the same old market and excess and Surplus
marketplace.
The E&S market is an opportunity market for shopping coverage rules for better-chance commercial enterprise
operations (previous claims, inherently risky activities, and so on)
If an agent affords you a quote from a E&S marketplace (usually taxes and costs are covered), make sure to
take extra time to speak about the coverages and exclusions which can be at the policy. additionally, the
price alternatives and structure for these varieties of policies are much less favorable than the standard marketplace

What’s Next? Contact us to schedule a consultation today.

Graniteinsurance.com | 828-396-3342 | info@graniteinsurance.com