Avoiding, Preventing or Reducing Losses

The fundamental principles of Risk Management involve making decisions about how to prevent losses from occurring, how to reduce the frequency or severity of losses that do occur, and how to pay for those losses.

Risk is an unavoidable fact of life but in some instances you can transfer the financial loss associated with a risk to an insurance company. As a broker, we work with organizations to help them manage their risk. We take the time to understand the business and provide the best solutions available.

Most of our clients do not have a full time Risk Manager. We, together with our insurance companies, provide these services to best advise you on what options you have to finance your particular risks.

Loss Control

We will look at the opportunity costs of one option over another. We will provide practical loss prevention advice, which will help avoid or reduce the potential and severity of claims. If you are planning an expansion or purchase of new premises we can provide the engineering advice to ensure your new plant or facility will meet the insurance company requirements, as well as minimizing your risks and future insurance costs.

For example, adequate automatic sprinkler systems for your occupancy and proper setup of spray painting booths can help reduce the severity of the damage when a fire does occur. The loss prevention systems that best meet an insurance company's requirements are rewarded with the most competitive pricing.

Financing Risk

Insurance coverage is the main system through which a client can finance their risk. The payment of premium in return for the payment of your covered losses. Another type of risk financing option involves the "self-insuring" of risks. A form of self insurance is the use of deductibles. In this case, the insured chooses to pay for a certain amount of each loss occurrence. Your Prolink partner can advise you on the most effective level of deductibles for risk financing.

The insurance company's exposure then becomes the catastrophic loss. The predictable losses, will be recovered through premiums. Most insurers look to provide coverage for the unforeseeable rather than the expected losses.

Management Tools

We provide bulletins to our insureds, which outline human element procedures to aid in preventing losses. Included in the bulletins are examples of real life claims, emphasizing the impact of non-compliance with loss control measures.

Your Prolink Partner designs insurance programs with a large number of insurance companies implementing the right fit of coverage, cost and service for you, the Insured.