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