The job of a risk manager is to know your client. Only by understanding your clients’ needs and desires can you identify the risks they face in their business and family life and find the best solutions. Meticulous attention to detail is required if you want to become a valued advisor to your clients.
If you are an advisor, nothing is more important than protecting what your client has worked so hard to achieve. If you do not have the experience or ability to identify all of your client’s risks or to develop a comprehensive risk management plan, you need to partner with a company that does.
If you are a business owner, you need a risk management advisor, who is willing to spend the time to get to know the unique circumstances of your business. No two businesses are the same, and every business has different risk management needs. You have the right to demand that your advisor conduct a detailed analysis of your business and the right to expect your advisor to fully grasp the totality of your business. Your advisor must have the experience, contacts and ability to explore all potential options. Only then can you be certain that your advisor will have come up with the most comprehensive and cost-effective risk management plan. How can you be sure that you have the right advisor?
The answer for both advisors and clients is the RMC Group. The RMC Group is a full-service risk management provider. We have over 45 years’ experience working with businesses of all sizes. We understand the hard work that goes into a successful business, the pride that comes with that success and the desire to preserve and protect what a business owner has built. Our philosophy is to empower business owners by providing them with the knowledge and options that they need in order to make the best choices.
One of the services that we provide is a no-cost analysis of a client’s current insurance portfolio. We will produce a detailed analysis of existing coverages, as well determine whether the client has additional exposures not currently insured. We may also find unnecessary coverages that can be eliminated to provide cost-savings. Once we have completed our analysis, we will offer alternative solutions to a client’s needs. We may be able to find better and more comprehensive coverage at lower cost. We may also be able to recommend an alternative risk management plan.
An alternative risk management program that RMC can help a client implement is a captive insurance company. A captive is an insurance company established by a business to cover the insurance risks of the business and any related entity. A captive gives the business the greatest control over its insurance needs. Policies can be tailored to meet the unique needs of the business. A captive can provide insurance that is unavailable or prohibitively expensive in the traditional commercial market. In addition, a captive can become a profit center for the business. To the extent that premiums exceed claims, the profits remain in the captive instead of being lost to a third-party commercial insurance company.
RMC Group can help you or your client set up a captive insurance company. We can also provide management services to your captive. To learn more about captive insurance companies and other risk management programs, or for a free risk review, contact RMC today at 239-298-8210 or rmc@rmcgp.com.