BUSINESS INSURANCE COVERAGE
What is your company’s philosophy regarding maintaining business liability insurance?
We’ll help you assess your risk tolerance, your cash reserves and whether purchasing insurance is the best risk management option for the specific risks your company faces.
Are you concerned that you are uninsured or underinsured in key areas of your business while perhaps maintaining unnecessary excess coverage in other ones?
We’ll advise you if you need more, less, modified or entirely different coverage in certain areas, as well as assess whether your company’s existing coverage limits are reasonable given your company’s current operations.
Are you receiving the highest quality insurance from reputable insurance companies at competitive premiums?
As independent consultants we can work with your insurance broker to ensure that your company has access to the entire insurance marketplace – which can provide you more policy options, more comprehensive coverage with fewer exclusions that could derail your insurance recovery at premium rates you can afford.
Your Insurance Is A Valuable Asset
CRA’s Business Insurance Specialties Include:
So You Can Rest Easy (And Sleep Soundly)
Our proven approach instills clients with confidence to explore new ventures and expand operations because they have thoroughly accounted for, and adequately insured, their key business risks. Our clients conduct and grow their businesses without fear or, or worse yet, having no awareness of – hidden icebergs in their path.
No company is immune from risk failure, but the savvy ones maintain a carefully crafted insurance program that can ease the stress from a costly risk failure, re-assure your company’s leadership that the company is engaged in prudent business judgment that can limit its legal liability and demonstrate to other stakeholders that the risk failure will not decimate your company’s earnings. And prospective Board members will be more likely to join your team when they know that you have strong professional liability insurance that protects the company’s assets and their personal assets.
Should a catastrophic risk failure occur, your company can alleviate panic and uncertainty with respect to your available cash reserves with the right amount of insurance you actually need. You will also be able to quickly estimate your company’s total out of pocket expenses because business liability insurance limits your upfront costs and, when properly insured, ensures that valuable revenue is not re-routed to cover a loss that is denied by your insurance company or that exceeds the coverage you have purchased.
Helping You Decipher Your Coverage
We demystify the complex language of your company’s insurance policies, we explain the basic differences in the types of insurance maintained by most for-profit companies and we provide a easy to follow one-page primer on the key elements of your different insurance policies that you can share with your leadership and other stakeholders. We also evaluate strengths and weaknesses of your insurance, recommend modifications that will fortify your coverage and we ensures that your insurance program is consistent and complimentary to your overall risk management plan.
Instead of settling for coverage that you have had for years that might be good enough, we strive to keep you covered from all angles and away from costly disputes with your insurance companies over policy proceeds when you can least afford such a battle.
Working with Cynosure, Your Unbiased Ally
We initiate our insurance coverage assessment with a complimentary one-hour consultation that includes a discussion of your company’s mission, operations and goals. Once we have a clear understanding of your company’s operations, leadership structure and culture, we will work with you to design a customized plan to achieve your risk management objectives.
There are different approaches to minimizing risks and obtaining insurance coverage is a popular method of risk management that focuses on transferring some or all of a company’s financial risk to an insurer. Many of our clients have trusted insurance brokers with whom they work to purchase their insurance coverage and engage CRA to assist in that process. However, companies should be mindful of what ethical and fiduciary duties towards companies are imposed upon brokers by law, which vary from state to state. Often, brokers may rely upon a limited number of insurance companies to place coverage for their clients and do not have any legal obligation to their clients to present the most comprehensive coverage at the lowest premium rates, nor do they necessarily have any obligation to report to companies any contingent commissions they may receive from an insurance company in exchange for placing coverage. Moreover, many brokers tend to be specialize in particular types of insurance and they may not have contacts that can provide specialized insurance coverage that the company may require. Finally, even while some brokers can find their clients a good deal on the insurance coverage they are seeking, not many brokers will conduct the type of exhaustive analysis of a client’s full spectrum of risks to introduce the client to unique insurance policies that provides coverage for risks that the client may not have not were insurable.
Conversely, CRA acts solely in the interests of its clients when it recommends insurance products to its clients. We have no skin in the game of where our clients purchase their insurance. Not only do we remain completely neutral when it comes to our analysis of competing insurance options, we do far more than just recommend policies for the same coverage the client purchases every year. We extensively research the entire insurance market to find insurance policies that have been updated to provide stronger or customizable coverage that may prove to be a better value to our clients and we will research insurance options for new and emerging risks that may not have been insurable a few years ago.
Bring It On
We kick off the process with a complimentary one-hour information gathering session to review your corporate insurance program. This includes a review of your liability policies, as well as property and business interruption coverage.
We offer introductory 90-minute boot camp seminars designed for senior level executives who desire a high level overview of insurance coverage basics and best practices. Each seminar will be customized according to the client’s size, industry and needs.
We act as our clients’ first line of offense when it comes to managing the legal, financial and reputation damage from an internal or external crisis resulting from a risk failure.
We also provide counseling on specific insurance coverage issues of concern to our clients.
Finally, we provide comprehensive audits (of varying size and scope) of our clients’ current insurance coverage programs.