Property/Casualty Risk Reduction Services - The Litchfield Insurance Group

The Litchfield Insurance Group
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Property/Casualty Risk Reduction Services

Captive Feasibility Study	Study Captive Insurance Companies are alternatives to traditional insurance. Essentially, they are mini insurance companies. You can form one for yourself (the mechanisms are all in place and it really isn't any more difficult than purchasing insurance) or you can join a Group Captive which is a small insurance company formed by a group of businesses for their own benefit. Upon completion of the feasibility study we will tell you which of these alternatives is best for you. Depending on the size of your business, we may have to engage an outside consultant and there would be a charge. The benefit of Captive Insurance is that you will no longer be subject to arbitrary insurance rate increases. Your premium will be determined solely by your own experience, even in the Group Captive. Businesses with an excellent loss record can cut their premium in half.
Mod Advantage	Workers Compensation experience modification calculations are incorrect at least 50% of the time (if your operations involve more than one state, the error rate is 100%). Utilizing customized software, we perform an analysis of the calculation as well as checking all the data entry. The largest return premium from this analysis was over $400,000. Many times these errors affect 2 to 3 years' experience and we're able to recover premium for all those years. We provide this service free to all our clients. Once you are enrolled in the program, you will know that your experience mod is always accurate.
Workers Compensation Experience Mod Projection	Experience modifications can make big jumps from one year to the next. When a series of large claims hit, the renewal mod can jump substantially. For budget purposes, it is helpful to know in advance what the new mod will be. For contractors bidding multi-year jobs, it is extremely helpful to know what cost to carry for the future years. At appropriate time intervals throughout the year, we can take a snapshot of your experience information and project the upcoming mod adjustment. This is a free service we offer to all our clients.
Risk Management Audit	When was the last time a professionally trained risk manager conducted an audit/assessment/evaluation of your operations? Our group of consultants will conduct a thorough evaluation of every facet of your companies operations. Everything from evaluating your hiring practices to coordination of employee benefits programs in foreign countries. It would include a thorough evaluation of all insurance coverage with recommendations but that would be the smallest part. More importantly will be analysis of claims and their causes, interviews with all key operating mgmt, exhaustive review of HR policies and procedures and a thorough safety evaluation. If necessary, we can also do a global risk assessment of your operations in foreign countries. The result will be a detailed management report with observations, analysis and recommendations. We can then use this document as a blueprint to create a plan to enhance the strong points and modify/remedy the problem areas.
Global Risk Assessment	If you have foreign operations or are planning any acquisitions in foreign countries, how are you sure that the insurance is appropriate as well as coordinated properly with your domestic program? For most companies, their global program becomes a patchwork of coverage often out of compliance with local regulations and inconsistent with the domestic program. In addition, there is no one on the ground in those foreign countries to actually physically inspect the operations and conduct a risk management assessment. Litchfield has partnered with an international broker network with affiliates in over 120 countries. This means we have a broker partner conversant and expert in all the insurance laws and regulations in these countries. We can send our broker partner to your physical locations to perform an assessment just as we would do for you here in the states. Then we would refer the report to our international insurance consultant who would make recommendations to remedy any inconsistencies as well and coordinate a consistent, global program.
Quarterly (Monthly) Claim Review	Claims are what drive insurance premiums up and mismanaged claims can really drive it up. We provide a service where an experienced claim consultant will provide constant oversight to all your large and/or open claims. They will monitor your large open claims week to week or month to month depending on circumstances. Each quarter (month) she will produce a report that updates the status of each of these claims. She will then meet with your staff to discuss the changes since the last report and agree on an action plan to correct any problems. The benefit of this process is that claim settlements and reserves are kept at their lowest possible level, which ultimately lowers the cost of insurance.
24/7 Claim Service	Accidents and disasters don't always happen during the regular workday. If one of your employees is supplied a company vehicle and has an accident at night or over a holiday weekend, they might need immediate assistance. That's why we are available 24/7/365. Just call our number and one of our staff will be there to respond and provide assistance.
Safety Consultations	Providing a safe work environment is a priority for many employers. In addition, you need to be in compliance with numerous governmental rules and regulations. Our safety consultant can provide customized training in accident investigation, how to lift correctly, etc. etc. All of these services are free to our clients on an as needed basis.
Safety Handbook	When was the last time your safety handbook was updated? Let our Safety Consultant update or customize a new one for you or he can provide a basic template and you can customize it to reflect the concerns and culture of your organization. Don't let this project sit on the shelf another day. We can turn this around quickly and give you a valuable tool to orient new employees and serve as a refresher for your experienced people.
OSHA Audit	If OSHA showed up at your door tomorrow and wanted to conduct a surprise inspection, what would the result be? Don't wonder about it any more. Our Safety Consultant will simulate an OSHA inspection and give you the results along with recommendations for corrective action. Get in compliance now and never lose any sleep about this again. Won't it be great to show your employees that their work environment is fully OSHA-compliant. It's a great document to show your insurance carrier too. It might even save you some money at the next renewal.
Contract Compliance Review	Businesses sign contracts on a regular basis. Many of them have insurance requirements. We will provide a service to review all existing contracts and make recommendations if necessary to make you compliant. We will then create a procedure with you so that we review all contracts before execution.