Understanding Risk Management

Discover how to reduce your insurance costs by going beyond traditional methods and focusing on risk management. Learn about the five-step Risk Management Process that can improve your company's risk profile and significantly lower your insurance premiums.

Going Beyond Insurance... The Process

Your premium is based on what insurance underwriters perceive the risks in your business to be. Driving down your insurance costs requires you to go beyond insurance, beyond its broken shopping process, and focus on managing those risks that drive insurance companies to want more premium from you.

 

Risk Profile Improvement requires using the five-step Risk Management Process to identify, control and reduce the risks, inherent in any business, that drive the Total Cost of Risk to your bottom line and jeopardize your company. This is the process that Improves Your Risk Profile and dramatically drives down your insurance costs. Here, we briefly examine those five steps.

 

(Hover over each step of the Risk Management Process to learn more.)

By evaluating the effectiveness of your risk management programs, practices and resources under “real world” conditions, we assure that your assets receive precisely the right type of protection. Risk Management is an ongoing process, if you do not continue to Identify new risks, Analyze those risks, Control them, and Implement new programs, you are subject to those risks controlling you!
During this crucial phase, we will invest the time to understand every facet of your business in order to help you and your team identify the risks which face your business. We focus on risks facing your business’ property, its employees, liability from third parties, and impact on company income and its balance sheet. If these risks to loss are not identified, how else can a business determine the most appropriate way to control and insure their losses.
Once we have developed a thorough understanding of your business, including your industry, corporate culture and operating procedures, we are ready to move beyond insurance. Here we determine what the potential impact of those identified risks will have on an organization, so collectively we can prioritize how to best handle each risk.
Once we have developed a thorough understanding of your business, including your industry, corporate culture and operating procedures, we are ready to move beyond insurance. Here we determine what the potential impact of those identified risks will have on an organization, so collectively we can prioritize how to best handle each risk.
During this phase, we determine what Risk Control Programs and Processes will be most effective to reduce your potential Frequency and Severity of losses, and ultimately reduce the Total Cost of Risk on the organization. By truly exploring a spectrum of proven alternative strategies to minimize risk, we can dramatically reduce insurance costs. Underwriters determine the premium you pay based on their perception of the risks in your organization. By reducing, minimizing or eliminate those risks, you will dramatically drive down your insurance costs.
 
Want to know 7 Secrets your insurance agent won't tell you about your Workers' Compensation program?

Don't Just Take Our Word for It! Real Businesses, Real Results

  • Elk Air
    David, I just can't thank you enough to finding and returning to us the $27,438 in overcharges from our last two years of audits.  I only wish we had been allowed to go back to the prior years to recover money.  More importantly, you provided us with a process so that we can avoid being overcharged in the future by the insurance companies.
    Ralph Kemp - President
    Elk Air Conditioning
  • CHarper
    I just cannot thank you enough for helping us to take control of our work comp.  In addition to making my life easier by helping to manage our claims, your team helped us create a very strong safety culture.  Our injuries are down significantly, but more importantly, you helped reduce our work comp premium by over $80,000 a year.
    Lori Bodnar – HR Director
    C Harper Automotive Group
  • Odyssey Communications

    David, you and your East Coast Risk Management team blew us away. First, your team recovered over $42,000 in overcharges that my agent allowed to happen. Second, over the next 7 months you overhauled our safety programs and hiring process. Your injury management team minimized a potentially uncontrollable and ugly claim which would have cost us tens of thousands of dollars in additional premium and rehiring costs. Third, your negotiations with our insurance company resulted in an additional $49,387 (44%) reduction in my workers compensation renewal premium. We figure you have added over $100,000 to our bottom line in just 1 year. Thanks!!!!

    Alex Yawny - CEO
    Odyssey Communications
  • Siegel & Jennings
    Throughout David’s career he has always been on the forefront of thinking. His understanding of insurance and specifically workers' compensation allow him to see things and establish practices that others eventually follow. David takes an entrepreneurial approach to problem solving resulting in both savings and added protection for his customers.
    J. Kieran Jennings, Esq. - Managing Partner
    Siegel Jennings
  • Kasto
    I first became acquainted with David’s knowledge of Workers’ Compensation when I attended a seminar in 2007. I took the opportunity to meet with David to discuss better ways we could handle not only our Work Comp claims, but how we needed to drastically overhaul our HR processes. The Benefits have been multitude. I have great confidence in ultimately can make a company more profitable.
    Colleen Maize - HR Director
    Kasto, Inc.
  • Gottlieb
    9 months ago I hired Duncan and their East Coast Risk Management to implement their Risk Solutions Program. As a result, I just saved $57,494 on my insurance renewal - That's 42%. Duncan met with me and my employees, toured my facility and put together an aggressive Risk Solutions Business Plan. They started implementing immediately and are in our plant several times each and every month.
    Robert Gottlieb - CEO
    Gottlieb, Inc
  • Jet Net
    David Leng is very knowledgeable about Workers’ Compensation and a pleasure to work with. His knowledge allowed our company to reduce its Workers’ Compensation premiums by almost 55%.
    Mike Spitznagel - CFO
    JetNet Corporation
  • Bowser Automotive
    Working with Duncan we were able to enhance the safety culture in our organization and reduced our Workers’ Compensation costs by over $300,000 a year.
    Gary Bowser, II, President
    Bowser Automotive Group
  • Duda Cable
    Duncan found that my experience modifier was WRONG!!!!  Not one of over a dozen plus agents that I spoke to previously saw that!  They were able to get my experience modifier corrected, and force my insurance companies to return over $86,000 to me! They leveraged what safety changes they implemented and obtain an insurance policy at our renewal that was over $100,000 lower. In a span of 4 months, they put almost $200,000 back in my pocket!
    Mark Duda - President
    Duda Cable Construction

YES! I would like to understand more about my Risk Profile.

Contact us now to schedule your FREE Risk Profile Assessment, and see how we may help you lower your premiums and insurance costs!

(724) 978-2139
dleng@duncangrp.com