Clients use Risk Management as Strategy when Managing Total Cost of Risk
Many Brokers Assume Commercial Insurance is Just a Rudimentary Practice
Excel RiskTech delivers a complex application and simplifies it through proprietary process.
Commercial Insurance programs include comprehensive risk management as well as insurance buying and placement. They are the beginning of protecting your operations and business income.
Property and Liability Insurance offers insurance protection for your business’ physical assets. These might include buildings and their contents, equipment and stock, as well as property in transit. It also includes business interruption insurance that protects lost revenue lost due to a loss.
Though not an exhaustive list, there are several types of commercial insurance coverage in this category:
Commercial Property Insurance:
Commercial property insurance offers coverage for your business’ physical assets. These might include buildings and their contents, equipment, inventory, your property in transit and more. It also includes protection of lost revenue through business interruption insurance.
Commercial General Liability:
Commercial General Liability insurance provides for your business’ protection against claims from 3rd parties for property damage or bodily injury arising on your premises or from your operations, products and completed operations. Though there are other aspects to a CGL policy, it also provides protection for advertising liability and defense costs.
Loss, theft or unauthorized access is all part of privacy breach and can be covered with a cyber endorsement. It can also cover personal customer or employee information. Cyber endorsements help you recover in the event your business is targeted for remediation expenses and business interruption losses.
Loss, theft or unauthorized access is all part of privacy breach and can be covered with a cyber endorsement or, given all of the unknown exposures, is better handled through a standalone cyber policy. The can also cover confidential or personally identifiable customer or employee information – now protected by federal and provincial laws.
Cyber policies and endorsements help you recover in the event your business is targeted for remediation expenses and business interruption losses, as well as legislated personal contact, credit monitoring and attack prevention services.
Directors and Officers Liability:
D&O liability cover protects Directors and Officers from liability exposure through the course of the administration of the organizations they manage. While acting in good faith, responsibly, and in the best interest of the organization, both non-profit and for-profit Directors and Officers may be exposed to potential risks.
E&O Liability Insurance:
Extending coverage beyond the scope of a Commercial General Liability policy, Errors and Omissions coverage offers protection in the event that one of your corporate regulators, clients, employees or stakeholders claim financial loss due to an error or omission on your part, or that of an employee. Since professionals in private practice and those companies that deliver professional services to clients are held to high standards of duty and accountability, E&O insurance can help mitigate risk associated in relevant accidental exposure.
Professional liability cover offers protection against claims related to the delivery of professional services.
Professional liability cover offers protection against claims related to the delivery of professional services.
Insurance industry regulations impose special conformity requirements on foreign companies operating in Canada. Among them, your Canadian operations must be insured by a Canadian insurer and one with whom you have an actual, meaningful relationship. Navigating Canadian insurance requirements and setting up Canadian-specific insurance programs is a regular part of our work with US and international clients. Penalties for non-compliance with these regulations are fierce and often represent large percentages of the premiums you would have paid in Canada.
Fortunately, we know how to navigate these scenarios and do so regularly. Through our partnership with the Assurex Network, Excel Insurance Group maintains extensive experience acting as the on-the-ground, local Canadian insurance broker for our Partners’ clients. We ensure the Canadian versions of your insurance programs comply with regulations while matching your existing policies, procedures and coverages. Other aspects are covered through this service offering, including Canadian-specific Workers Compensation.
Risk Advisory is generally described as the process of identifying and analyzing loss exposures. Risk Management is generally described as the development of an action plan followed by the implementation and monitoring of risk mitigation techniques. Both are really the starting points for creating and customizing an insurance program that addresses your unique business risks and overall loss reduction techniques.
We thrive on the challenge of working with clients to uncover risk in their business and help them to make conscious decisions about the treatment of that risk. Once risk is identified and assessed, decisions need to be made to accept, avoid, transfer – by insurance or possibly via contract – and manage that risk.
Risk advisory and management is an ongoing process and the treatment methods often involve a variety of combinations of the steps above.
Some aspects include:
- Identifying areas of risk exposure
- Loss prevention and safety training
- Development and implementation of new policies and procedures
- Incorporation of technology for better auditing, review and analysis of your operations
Excel Insurance Group can also assist in preparing Underwriting Reports and Loss Control Reports for both property and liability risk, as well as detailed review so business interruption exposure.
Risk management requirements are highly customizable depending on the nature of your business, size of operations and industry. Our skill in conducting an in-depth analysis is essential to arranging the appropriate, best-fit coverage for your business.
The true value of your insurance policies is found when claims are settled in equitable and efficient fashions. We understand the importance of managing and resolving claims quickly and fairly. For this reason, your Account Manager is specially trained to help you set up claims management policies, protocols and procedures following decades of best practices.
Excel Insurance Group provides superior Claims Advocacy Services through our standard levels of service. As your Claims Advocate, we remain close to you throughout the life of a claim. From inception through to regular review, settlement and conclusion, we combine our technical capabilities, negotiation skills, reputation and an intimate understanding of your policy in order to ensure that complex issues are appropriately managed.
Through our Partnership with Assurex Global, our worldwide collaboration tools and our communications infrastructure, Excel Insurance Group is capable of servicing your accounts across the globe with equal precision and localized service. Personalized, dedicated human capital is assigned wherever you operate, here in Canada, in the United States or internationally.
Working with Excel Insurance Group, you maintain priority access to our specialized Canadian commercial insurance expertise, as well as that available through all experts within 100 Partners worldwide. There is no challenge to which we cannot rise. Through collective bargaining power and the Assurex Global 60-year history with carriers and industry influencers, you receive the benefits of cost-efficient pricing and best-fit product offerings.
As society becomes increasingly litigious, company directors, managers and professionals providing specialist advice or services face consequential risks. Now, more than ever, these parties face the very real prospect that they may be sued corporate regulators, clients, employees or With our society becoming increasingly litigious, company directors, managers and professionals providing specialist advice or services face consequential risks. Now, more than ever, these parties face the very real prospect that they may be sued corporate regulators, clients, employees or stakeholders.
Extending coverage beyond the scope of a Commercial General Liability policy, Errors and Omissions coverage offers protection in the event that one of your clients claims financial loss due to an error or omission on your part, as well as your employees. Since professionals in private practice and those companies that deliver professional services to clients are held to high standards of duty and accountability, E&O insurance can help mitigate risk associated in relevant accidental exposure.
While an insurance policy is a promise to pay in the event of covered loss a surety bond is rather an extension of credit, with the assumption that there will be no losses. A surety bond, therefore, is not an insurance policy but, rather, kind of like a credit note. Different types of surety bonds meet different Surety requirements. One common example is found in Bid and Performance Bonds for contractors.
Because businesses are unique and because they often challenge the status quo in their course to succeed, innovative or specialty insurance solutions are sometimes required. These types of coverages can be offered because of the rarity of their need, the highly technical aspect to the business or endorsement, or the ‘special’ type of risks associated to the policies.
In addition to the Excel Insurance Group standard of highly customized insurance programs, specialty insurance solutions may be employed.
RiskTech Insurance Group is proud to be partnered with Experts in the group benefits field, who also manage assets, key man insurance and life/ disability insurance.
Our Partners provide risk management services to small to medium-sized businesses and families in Canada. Every day, they help people realize, understand, and achieve their financial goals.
Their Commercial Services include health benefits, group savings plans and specialized coverage for executives, owners, and partners. They consult on buy-sell and shareholder agreements, ensuring they are coordinated with the overall risk management strategy.
Their Personal Service area focuses on educating individuals so they understand the reasons behind the strategies their advisors recommend. They take a holistic approach to financial planning, focusing on both planning for the future (growing assets and creating tax-efficient income) as well as protecting those plans (e.g., Life, Disability, and Critical Illness Insurance, Long Term Care, and other tools).
Feel free to visit their website at www.financialbenefitsgroup.com for more information
We Touch an Unending Number of Industries
Excel Insurance Group develops comprehensive insurance programs for businesses of sizes and in all sectors. This list is not exhaustive. If you would like to know more please contact us. Some of the industries we service include:
Commercial insurance and risk management are fundamental aspects of successful business operations. When strategically planned, your company organizes risk into fiscal categories and can recover more quickly from a loss. Excel RiskTech, in collaboration with domestic and international partners, is armed to help protect your business in and around your insurance and risk management portfolio. This includes protection for your key employees, assets, income, liabilities and expenses.
We are driven by advice-centric philosophies and work with our clients as trusted, outsourced risk managers and counterparts. Like you experience when working with your lawyers and accountants, we are designated, educated professionals that provide strategic advice. Dedicated account managers maintain specialized industry knowledge, offering clients partners who understand your business and industry.