Partnering With Planners - Powers Insurance & Risk Management

Transactional insurance agencies often times overlook key facts or exposures for successful families. Our agency specializes in Property and Casualty (P&C) insurance planning for successful families, and thrive when working with financial professionals that provide likeminded holistic planning for their clients.

According to CHUBB

of successful individuals believe it's important for their financial advisor to act as a quarterback

Yet only

of financial advisors partner with an agency that specializes in working with accomplished individuals

would switch to a financial advisor who offered P&C support, the CHUBB study reveals

CHUBB's survey revealed

would switch, even if the advisor charged more

In fact, it's fairly common for us to identify a previously unknown exposure for a client. During our consultative risk review of a client's personal insurance program, we will not only address the obvious coverage needs but will also discuss some of the overlooked exposures such as worker's compensation, directors and officers coverage, excess umbrella liability, and excess uninsured and underinsured driver's coverage.

A successful risk management program is the process of planning, organizing, directing, and controlling resources and exposures to achieve given objectives regardless of the impact of a surprising success or large loss.

At POWERS Insurance, we follow the approved risk management process implemented by the International Risk Management Institute (IRMI):

1) Evaluate Loss Exposures

2) Appraisal of Risk Management in place

Once we have a clear understanding of a private client's potential losses, we will then review their current program in place to minimize or eliminate the risk of a large financial loss.

We will assess the effectiveness of the client's current program and offer suggestions on steps they can take to improve their existing efforts. We utilize risk control to stop losses based on:

Exposure Avoidance
Loss Prevention
Loss Reduction
Segregation of Exposures
Contractual Transfer of Risk

Next, we will work with the client and financial planner to assess the proper amount of risk transfer through insurance.

3) Establish a Risk Management Program

Putting the proper insurance policies in place is one piece of the risk management program puzzle, but we also coordinate and collaborate with the client's financial planner to make sure the insurance program fits into the big picture to protect long-term goals.

Establishing a program for risk management includes coordination between the client and the insurance carrier for an onsite inspection of the property (if necessary). In addition, we help make sure our private client is prepared in the event of a claim.

When a client is recovering from a large claim, we establish what needs to be done and when, as well as who needs to take the action and who will direct those actions. We also follow up with the insured client to make sure they are comfortable making decisions and implementing necessary changes.

4) Adapt to Change

A private client's life doesn't remain stagnant from one year to the next. An ever-evolving lifestyle means that a good risk manager needs to be proactive as well. Our team at POWERS works hard to make sure that we stay in touch with our clients, which helps our client stay in touch with the risk management process and the need to keep us in the loop as their life changes.

We also perform an annual risk review to make sure that our program is able to evolve and grow as our client's family grows, property increases, hobbies change, or needs shift.

We partner with financial planners because we know if something happens and a client doesn’t have adequate P&C protection, their financial goals could be at risk. It's crucial that the goals set with a financial planner align with the personal insurance program.

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