Risk Management

Risk is inherent in every business. Most members of senior management focus on things like marketing, revenue, stock price, operations and keeping the shareholders happy. However, if various parts of your business’ risk are not properly managed, problems can and will occur.  Risk can occur in many places; credit risk, supply chain risk, employee risk, property and casualty risk, liability risk, health risk are just some of the examples.  Risk can occur in places you may not even realize.

Most companies think they have addressed the issue of risk when they purchase insurance.  They think that they are protected, However, how can a company buy the proper insurance, insurance that will protect it, when it doesn’t know that a risk even exists?

Some companies feel that their broker will properly guide them; get them the best price; get them the right services.  The fact is that brokers and/or agents receive commission from the insurance companies.  This creates a conflict of interest in many cases.  If the brokers get the best price, they lose commission.  If the broker uses up resources by the insurance company, lower commissions can follow.

With all of these factors against you, Optelcon can help level the playing field.  Optelcon's experienced risk managers can not only help identify key areas of risk, but provide options to avoid, manage, and/or transfer these risks.  Because our experts have worked on both sides of the insurance table, they can provide valuable insight that you will definitely not get from your insurance company or broker.  By engaging Optelcon, your Sr. Management team will be able to spend more time keeping shareholders happy while we help prevent the surprises that can make shareholders unhappy.

To assure your Company it is getting the most objective advise, Optelcon does not:

  • · Sell insurance
  • · Receive commissions

Because our risk managers are not burdened by the day to day operations of your business, Optelcon can focus all of its attention on analyzing and managing your company’s risk.  What Optelcon does:

  • · Identify and analyze exposure to risk
  • · Audit current insurance and risk programs
  • · Work with you to develop alternative to traditional insurance programs utilizing risk retention and risk financing.
  • · We look at the use of deductible, loss sensitive plans, self-insurance and captives.
  • · Prepare and control insurance specifications for marketing of your insurance program using brokers, direct writers, and associations.
  • · Evaluate insurance proposals and assist in the final decision making process.
  • · Negotiate program changes and best prices with insurance brokers and/or insurance companies.
  • · Act as your out-sourced risk management department.
  • · Edit leases, purchase orders and other contracts to establish risk transfers.
  • · Provide guidelines and support as needed or required.
  • · Audit claims files for proper reserving.
  • · Monitor and aggressively manage workers’ compensation and general liability claims.
  • · Review and verify loss runs, experience modifications, and policy audits and adjustments.
  • · Audit and assist with corporate accident prevention, claims management and safety programs.

Call Optelcon today to schedule an appointment with one of our Risk Management executives.