The most common mistake in purchasing insurance occurs when businesses shop their insurance program at the expiration date of their policies. Often times this results in multiple brokers being involved, combined with a lot of the insured’s valuable time and effort being expended, only to make a rush decision at the 11th hour. Businesses end up making a last minute decision and do not have the information necessary to make a well-informed one.
At Haylor, Freyer, & Coon we take a more proactive approach that adds value by recommending that businesses allow us to perform a Coverage and Pricing Analysis, CPA, of their current insurance program. This also includes a review of the insured’s contracts and agreements, including any vendor, subcontractor, and/or lease agreement. We review these legal documents for the most up-to-date and proper insurance language to best protect the insured by adequately transferring financial risk to the responsible parties. In the end, we will present an executive summary of our findings as well as a spreadsheet that provides a complete review of your insurance program.
The executive summary will highlight issues or gaps in your coverage that are not in line with industry standards as well as providing you with a benchmark of the pricing for your program by line of insurance. This distinctive approach educates you regarding the coverage included in your current insurance program and compares them to industry standards. In addition, we provide you with a benchmark of your pricing in relation to your peers, further detailing where the program may be overpriced.
Our approach of using the executive summary has proven popular as this is a document that can be shared with others and is written in a narrative format, in layperson’s terms. Chief Financial Officers, Risk Managers, Chief Operation Officers, or any individual in charge of overseeing an insurance program find tremendous value in this approach as they can use this document to meet with the CEO, owner, or the board of directors. The executive summary benefits those responsible for overseeing the insurance program as this approach allows them to share relevant insurance information in a concise, easily understood document.
We do not charge any fees for the Coverage and Pricing Analysis (CPA). Our goal is to earn your business by demonstrating our knowledge and proficiency to serve as your trusted advisor. We would then represent your organization as your broker to the insurance marketplace and work to improve the program using our analysis as a blueprint. Our approach emphasizes value over sales tactics, wasted time, and last minute decision making. Our commitment is that you will be more educated about your insurance program, the marketplace, and what products and services are available to benefit your company. All at no cost to you.
Please reach out to us and let’s gets started!
Steve Carpenter
Risk Management Advisor
scarpenter@haylor.com
Phone: 315-703-1388
Cell: 315-515-7877
