Because redefining risk will redefine your future.

 

Risk is not always about avoiding loss; it’s also about taking advantage of opportunities.

It is more about what you can do, rather than what you have to do.  As you start thinking about risk beyond traditional risk concepts and insurance policies, you open the door to changing your business for the better.  At Summit Risk Management & Insurance our approach to redefining risk will help your company to take advantage of opportunities.  LEARN MORE.

 

 

Because you need more than just a nice insurance agent and policy.

 

 

 

 In the traditional insurance agency model, agents and brokers are focused on selling insurance policies to their clients without incentives to invest in reducing their clients risk.  Since they are paid on a percentage of the premium you pay, the more you pay in premium…the more money they make. Sure they do a good job taking your phone calls, and becoming your friend, but are they just taking the easy route that makes them the most amount of money? 

Not all risk can be transferred or financed by insurance.

In fact, insurance (risk financing) is the most expensive way to manage risk.  Ask yourself the question, do you want by insurance agent/broker to be your “friend”, and take you golfing every now and again?  Or, do you want a Risk Manager who is expert in more than just insurance and who will take care of you and my business…beyond the golf course and the old fashioned way of managing risk?

 

 

 

 

As you seriously ask yourself these hard questions, keep in mind that the effect of overlooking an exposure could be the difference between your company turning a profit, not being able to bid on jobs, and possibly having to close down your doors for good.


While the traditional insurance agency model ignores uninsurable risk altogether, Summit Risk Management and Insurance uses the IMPACTRisk Solution to analyze your exposures, implement a plan to affect change, and increase profitability.

Because costs and results are important.

 

 

 

 

The old fashioned approach to reducing your insurance cost has proven to be unsustainable - Hard and Soft Markets.  An insurance company has both actuaries and underwriters working for them.  The actuaries job is to study facts and figures.  They determine how much premium should be charged for different types of risk based on historical data—data that does not lie.

 

A.   The underwriter takes the advice from the actuary, and provides a premium quote to the insurance agent/broker.

B.   The broker works one underwriter against another in competitive market driven conditions.

C.   The underwriter lowers their price below what the actuary tells them to charge, in an effort to get your business.

D.   Your agent/broker sells you the policy and you usually save a little money (10-15%).  While this is good for you in the short term, you need to ask yourself the question:  Did my risk exposure reduce 10-15% equal to the premium reduction?

E.   Often, the risk exposure does not get reduced, and as a result insurance companies have to raise rates back up again. This Hard and Soft Market is difficult for employers to predict future costs.

F.   Through this old fashioned process you may save a little premium today, only to pay a greater amount tomorrow.  Not to mention, there is little to no reduction of uninsurable risk.

 

 

There is a much better approach. Real, sustainable savings only occur when you identify hidden risks and implement effective change.  The Summit Risk Management and Insurance IMPACTRisk System will help do the following:


  • Reduce cost of insurance premiums (both short & long term)
  • Reduce exposure to outside litigation
  • Reduce exposure Employee lawsuits
  • Reduce exposure to workplace injuries/illness
  • Reduce exposure to Government non-compliance fines
  • Reduce exposure to Insurance company claim denial
  • Decrease employee turn-over
  • Increase productivity
  • Increase opportunity to bid jobs (Contractors/Manufacturing)

- Reducing WC Experience Mod.

  • Loss prevention
  • Claims management
  • Medical Management

- Reducing incident rate on OSHA 300 logs

  • Provide proper insurance coverage for insurable risk
  • Improve hiring process
  • Improve employee communication
  • Improve company policies and procedures

 

 

Consider the real life situations:

 

  • BEFORE:  Garage door manufacturing company is kicked off of a job due to his worker “incident rate” being too high – 20% loss in revenue, $2,000,000, resulting in laying off 20% of workforce.
  • AFTER:  Using the IMPACTRisk system metal manufacturing company is able to do work on large mine site – IMPACT = $4,000,000 increased sales per year.  
  • BEFORE: Excavating contractor has an employee killed in a 10 foot unprotected trench - $50,000 OSHA fine, Increased Experience Mod., decreased morale of other workers.
  • AFTER:  Excavating contractor employee’s life is saved through a site visit by Summit Risk Management revealing unprotected trench.  Once trench box was installed, a pipe breaks, and floods the trench.  Employee survives what would otherwise have been certain death.  IMPACT = No OSHA fine, No worker death on the job-impacting WC Ex. Mod. Employee morale, ability to bid on jobs, etc. Saving a life-PRICELESS!
  • BEFORE: Concrete company supervisors allow employees to “bank hours”, violating the DOL’s Fair Labor Standards Act resulting in a cost to employer of $391,000 in back wages + the loss of his biggest customer ($3,000,000 lost revenue), causing the company to close their doors.
  • AFTER:  Roofing contractor paying on piece rate and not paying overtime properly.  After the IMPACTRisk System, Summit Risk Management and Insurance made corrections saving the employer over $200,000 in a DOL audit.

 

Because understanding business matters.

 

 

 

When you hire an attorney, you expect expertise in the law.  When you hire a CPA, you expect them to know the ever-changing tax code.  When you hire a marketing agency, they had better be creative and get you results.  The best attorneys, CPA’s, and marketers are the ones who know your business as well as they know their own crafts.  Risk management and insurance should be no exception.  You will notice that our company name has the words RISK MANAGEMENT before the word INSURANCE. This is not by mistake.  As insurance is the most expensive way to manage risk, we look to all means as a way to reduce risk first.  We consider both uninsurable AND insurable risk.  Summit hires complex thinkers and problem solvers who are passionate about business…so they can make a major impact on yours.

 

Because it pays to have a smart, dedicated partner on your side.


The best business people understand the value of an intelligent advisor and great service.  You need a team of experts that are here for you 24/7.  You need a strategic partner that you can count on in an emergency, and more importantly you need a partner who will be there to prevent the emergency from ever happening.  From developing smart recruiting strategies to providing up-to-date risk education and training for your team, Summit risk advisors bring new idea’s and solutions to the table to help make your business better.  We stay on top of industry trends and regulations, so you can focus on your business.

 

Call your current agent for a band aid….Call Summit for a solution!

 

 
Because you can’t afford NOT to know all of your risks.

 

Right now, the biggest risk most businesses face is the fact that they don’t know all of their risk exposure.  Just like the underside of an iceberg, there is far more hidden (uninsurable) risk than there is visible (insurable) risk.  Typical insurance agents/brokers only focus on the smaller visible risk – Why?  Because this is how they make money…selling you an insurance policy.

In today’s economic, regulatory, and litigious environment, you can’t afford to let your guard down with the traditional, half-baked, insurance only approach to risk management. Summit Risk Management and Insurance has developed a better way to identify and manage the risk in order to better position your business for the future.

Our thorough IMPACTRisk System leaves no stone unturned and no costly risk ignored.  We start uncovering, organizing and positioning all of your risks before delivering a customized risk management strategy that will significantly reduce the total cost of your risk and improve your bottom line.

*PRIVACY POLICY:  By submitting this form, you give us permission to use your contact information to communicate with you via e-mail, phone, and/or text message.  We keep this information private.  We will never sell, or distribute your contact information to any outside party.

Risk Management & Insurance Questions?

We Can Help! 

Give us a call.

Salt Lake City: 801-563-1131

Phoenix: 480-634-7155