Risk transfer is a risk management strategy to protect your business that involves the contractual shifting of pure risk from one party to another. One example is the purchase of an insurance policy by which a specified risk of loss is passed from the policy holder to the insurer. In this case, if a claim is filed against you, your insurance policy will offer a set amount of coverage. This coverage protects you from bearing the weight of the cost of the claim and helps you keep your business operating.
At Brady Risk Management, we offer a variety of risk transfer products that are structured to increase earnings through risk management. While a guaranteed cost insurance product is most common, other insurance products should only be deployed with extensive exposure and loss analytics as well as implementing a variety of risk management tools and solutions to protect the financials of any company looking to increase the amount of risk they are willing to assume.
Types of risk transfer products and insurance policies available from our team include but are not limited to the following:
- Guaranteed Cost
- Excess Workers Compensation
- Loss Portfolio Transfers
If you are interested in learning more about how we can utilize risk transfer to help your company, please reach out to our team today. We will work with you to create a holistic risk transfer plan to ensure your company is prepared for what lies ahead.
How We Approach Risk Transfer
The reality is that any company, no matter what size and no matter how well-established, will face an array of ongoing risks. From employment practices claims to workers’ comp, your business will undoubtedly face lawsuits and associated costs throughout your company’s lifespan. It is often the case that startups and small businesses are actually at the highest risks for these issues. Many newly established companies don’t take the risks they face seriously enough, which leaves them exposed to even greater risk. For example, a small startup with only a handful of employees may not yet have an established HR department. Due to this fact, they may also lack an employee handbook or proper training on important policies. This can leave the company at a great risk for a lawsuit regarding employment practices. Unfortunately, the costs associated with such a lawsuit is also much more likely to be the downfall of this fledgling company.
Here at Brady Risk Management, we take a unique approach to risk transfer and your overall risk management strategy. Our risk management services are meant to be an all-inclusive program. We do not simply pair you with an insurance policy and walk away. Instead, we take the time to analyze and utilize our advanced technology to better understand how you could lower risks while also finding proper risk transfer coverage. An insurance policy can only do your company so much good. Without a holistic approach to your risk management strategy, you can wind up facing extremely high costs in risk transfer services.
When you work with our team, we will start by determining what actions your company could take to lower the costs associated with risk transfer. For example, the startup we mentioned above would do well to create a handbook that outlines important policies. This action could actually lead to better coverage and lower risk transfer costs. Our team will work with you to find both the more obvious opportunities, such as an employee handbook, as well as the more minute chances for improvement.
Why You Should Turn To Brady Risk Management
If you are looking to improve upon your risk transfer strategy, we invite you to reach out to the team at Brady Risk Management. Working with us is unlike working with your average insurance company. We do far more than simply find policies to pair with your company. We work with you to improve your strategy as a whole. We have years of industry experience to back our work, which means you will benefit from our invaluable insights.
From restaurants to construction companies, we have worked with extremely specialized industries to help them design the ideal risk management strategy for their business. We understand the unique issues each business faces and we take the time to ask the major “what ifs” for you. We work to create an intelligent and effective plan for your future that takes into consideration every risk your business faces. Talk to us today to learn more about our risk management services, including how we can best utilize risk transfer to keep your company protected in the years to come.