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Our Focus

Our Focus…and what it means to you

Most businesses spend from 2% – 10% of their gross income on their Total Cost of Risk. This cost includes:

  • Administrative time dealing with risk, insurance, litigation and other matters
  • Employees’ time spent on risk control matters, including contract review and negotiation, safety measures and post-accident response training, to name a few.
  • Money spent or retained to resolve claims, both planned (insurance deductibles and self insured retention) and unplanned (unanticipated uninsured losses).
  • Insurance premiums – estimated to be about 50% of the Total Cost of Risk.

We understand that the only way to reduce your Total Cost of Risk is to reduce the frequency and severity of the losses that drive these expenses. That’s why we have invested substantial resources to help our clients identify their exposures to loss and figure out ways to manage, control, retain or transfer those exposures.

Professional Concepts Insurance Agency assists you in the assessment and management of your firm’ risk and negotiates insurance coverage and premiums with insurance companies on your behalf. Our focus is to lower your “Total Cost of Risk” and drive more dollars to your bottom line. That’s the major reason we have grown from a one-person start-up to a dynamic agency with more than 100 combined years of experience with dedicated insurance professionals.

Our strategy is called the TotalRISK Approach. It involves four steps:

PCIA Risk Approach
  1. Risk Analysis - Risk analysis involves a systematic review of exposures to loss and your existing insurance program. Our process, utilizing our Exposure Analysis Checklist and related materials, identifies exposures to loss.
  2. Risk Control  - Once we identify the risks, we collectively agree on the Risk Control techniques best suited to help reduce the frequency and severity of these risks. We identify the most effective techniques through a series of questionnaires, risk control inspections, and a review of current risk control strategies.
  3. Risk Finance - After we identify the risks and the Risk Control strategies required, it is time to evaluate both non-insurance risk transfer (usually contractual) and insurance risk transfer. PCIA prepares the application submission and creates a marketing strategy for submission to the insurance companies.
  4. Risk Review and Refinement – The Risk Management Process is a work in progress. It is constantly evolving based on the changing needs and risks of our client’s business. We continue to refine our strategies and stay on top of changes in our client’s firm so that we can proactively manage their Total Cost of Risk.

What this means to you: Your insurance premium is only one part of your Total Cost of Risk. Like most agencies, we sell insurance – although we prefer to say we negotiate insurance. But, unlike many agencies, we realize that the insurance transaction comes at the end of the risk management process, after we have figured out your exposures and determined which can be controlled or eliminated, which can be transferred to more appropriate parties and which can be retained. Only then do we approach the insurance market to negotiate the appropriate coverage with the right insurance company at the lowest realistic cost.

In the long run, the only way to reduce your Total Cost of Risk is to reduce your underlying losses. Our holistic risk management process called The TotalRISK Approach is designed to do exactly that.

Professional Concepts Insurance Agency

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Professional Concepts Insurance Agency is licensed in
Michigan (0009210), Illinois (100305367), Ohio (961400), Indiana (33080), California (0D73845)

© 2019 Professional Concepts Insurance Agency
1127 S. Old US Hwy 23, Brighton, MI 48114
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