You can't turn on the television, surf the Web, or read the papers without realizing that the economy is in transition -- which means that a company's financial fortunes can change daily. Amid all this change, how safe is your insurance company?
Even the strongest financial entities could face a devastating blow from market conditions, whether due to deteriorating claims experience or uneven investment results. As professional risk managers, we can't ignore the possibility that your insurer might become a victim of today's unsteady business climate.
To address this remote - but not impossible - scenario, we take these precautions:
- We monitor various rating services, such as Best's, which regularly reviews the financial stability of insurance companies. Although a good rating doesn't guarantee a problem-free carrier, it offers a strong indication.
- We help you stay on top of the marketplace by determining if there are better options for placing your protection. We also factor in how comfortable you are with the financial stability of each option.
- We work with you to see how your state "guarantee fund," designed to protect policyholders when their insurance company can no longer pay its claims, can provide a safety net for your business.
For an in-depth analysis of your coverages, give us a call.