An 'Insurance Audit' is often the start of our engagement with companies that are our clients. During this audit, we carry out risk analysis of existing insurance policies of companies to identify how we can improve coverage, cost effectively. Some key components of the insurance audit are:
Risk Review
Our team engages with you to understand your business, systems and processes to ensure that we capture the types of risk that your Company and employees face. We identify and analyse your risk exposures for all risks, including fire, engineering, transit, credit risk, employee benefits and liability covers.
Technical Analysis
Insurance policies are technical in nature, with lots legal jargon, clauses, warranties and exclusions. These need to be looked at carefully at the outset when purchasing insurance to ensure that, in the event of a claim, the coverage has been comprehensive to protect against the loss. We review the insurance terms and conditions of your policies thoroughly.
Gap Identification
Through the above risk review and technical analysis of your existing insurance policies we provide you with an easy to understand and independent evaluation of your current insurance coverage and a gap analysis for your consideration.
The Output - Insurance Audit Report
The output for discussion with our clients is an ‘Insurance Audit Report’ with detailed suggestions on how you can simplify your insurance programme, ensure that all immediate risks are covered, gaps are identified and suggestions are provided on relevant products and terms.