RISK MANAGEMENT AUDIT PROCESS
The first step in the audit process requires the extensive review of existing property and casualty policies, insurance claims and risk management programs. During this review, Mr. Davis undergoes a thorough analysis of your policies and insurance documentation in order to determine whether coverage is sufficient to protect organizational assets and mitigate catastrophic risk. Following this assessment, Mr. Davis simplifies his findings and presents them to company team members in a clear, digestible manner. Utilizing audit data, he and his team are better able to:
- Determine the role that insurance plays in achieving your business objectives
- Identify areas where improper or inadequate insurance coverage is in place
- Remarket insurance policies to reduce premiums and improve coverage
- Assist with renegotiation of business-critical insurance programs
- Prepare for mergers, acquisitions and operational changes
- Conduct thorough analysis of insurance forms, terms, conditions and exclusions
- Point out policy and binder strengths and weaknesses
- Make risk recommendations to improve policies and safeguard assets
- Utilize broker relationships and industry expertise to acquire competitive policy offerings
During the insurance program audit process, MB Davis Consultants’ primary goal is to not only address the current risk management needs of your organization, but to create a framework that can be easily adapted for future expansions and unplanned external events.
At the end of this process, you will have a better understanding of how your company’s insurance program works.
MB Davis provides industry-leading insurance consulting services for companies of all sizes. To learn more about our risk management consulting and audit programs, call or email the MB Davis team today.