Programs customized to your needs.
Risk Management with a focus on the long-term.
Risk management insurance is a type of insurance policy purchased by companies and organizations in an effort to limit any potential damages to their activities. These damages can be infrastructure-based or economic and are generally identified internally or externally by the enterprise.
The New England Insurance Group Risk Reduction Approach.
It all begins with our innovative, proprietary Risk Reduction Approach to determine your current risk factors and develop a comprehensive solution tailored to your specific needs. This proactive, preventive approach to risk reduction is comprised of four stages: discovery; analysis and plan design; implementation; and continuation.
Step 1: Discovery
First we’ll conduct fact-finding sessions to determine how risks are being managed in your business. This is to help identify key high-risk exposures across several critical business areas.
Step 2: Analysis & Plan Design
Using our risk assessment tools, we’ll develop a comprehensive risk profile that rates your current risk management strategies in critical business factors. This includes a coverage audit and a historical claims review to develop a custom risk management plan.
Step 3: Implementation
Rolling out your risk management plan starts with a calendar to itemize start dates for each service. This is where risk is transferred to the insurance companies and a team of experienced specialists are chosen to coordinate.
Step 4: Continuation
The final phase is to conduct annual account reviews to determine performance. This includes identifying areas where business operations may have changed and renewing and/or revising current insurance and risk management strategies as needed.
What is risk management insurance?
An example of risk management insurance could include the location of the business itself. If a company is headquartered in an area where earthquakes are prevalent, both the firm and the insurance company will determine the likelihood of the building, company assets, and continued customer base being damaged from an earthquake. It will make assumptions on different levels of damage and determine exact figures on damage estimates. At the point, we would then issue a policy, which the company then pays to ensure its business is financially prepared for this possibility.
One size does not fit all with risk management.
We provide risk management policies that balance broad policy essentials with niche contingencies. Effective risk management policies should take a wide range of possible scenarios into consideration. It is not enough to simply say you want to opt for a standard risk management policy anymore. One size does not fit all. As the number of potential commercial risks continue to develop, so too should your coverage. Protect your business with outstanding fraud, theft, and injury policies that not only shield your assets but your employees as well.
Long-term focus for future planning.
In addition to these perennial risks management policies, we offer a full spectrum of commercial disaster and property protection policies. The future is, by nature, unpredictable—your risk management policy should be anything but.
Why planning is important.
We know it’s not just about buying the cheapest insurance policy. It’s about developing a clear, effective long-term plan to control risks and prevent losses that can affect your company’s bottom line. And then implementing that plan with a clearly-defined timeline and regular reviews to ensure that strategies are implemented properly and goals are met consistently—now and in the future.
If you would like to learn more about how our risk management solutions can help your business or organization, contact us to get started.
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As an independent agency, we are here to help you find the right Risk Management coverage.
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