Understanding Risk in Your Facility
Most brokers don’t actually know what is in their client’s facility. We Do!
We operate differently. We build relationships with you over time to grow our understanding of your business. EMA will know when you buy, sell, or move equipment, increase employee counts, and make major sales. We manage change in your business on an ongoing basis, constantly reviewing your coverages to match your operation.
Every facet of your organization impacts your total cost of risk. Regardless of the type of business you run, many find it difficult to quantify their true cost of risk because it includes both pure and speculative risk. Both qualitative and quantitative analysis is important, your total cost of risk is synonymous with the cost of your risk management program.
Identification of Exposures
As part of our risk management interview process, we look to confirm that your risk management approach supports your overall business objectives. As a business owner, what keeps you up at night? If that concern occurred, how would your income or cash flow be affected if there were unforeseen depletions of capital or a shutdown in operations? Discussing the qualitative aspects of your business provides the important details needed to solidify your price.
Additionally, we consider your industry, market position and competition in positioning your risk management solution to the changing needs of your business.
Quantitative analysis supports the qualitative interview. We look at the hard numbers and prior losses to identify trends in your performance. We also analyze losses to identify the following:
- Average incurred costs per loss
- Total incurred trends
- Top loss drivers
- Locations with high frequency issues
- Fraud behaviors
- Reporting lag time
- Frequency versus severity ratios
- OSHA-recordable performance
The results of our in-depth analysis will reveal opportunities to approach the critical areas driving your total cost of risk. We will isolate the root causes of these problematic areas and look to implement control measures to mitigate this.
Actual Case Incident Rate Reduction Over Time