This article is a continuation of our series on creating a new way of thinking about insurance. As you consider your business insurance, we invite you to think about this subject in the much larger spectrum of “Total Cost of Risk”. Your insurance program is more the premiums you pay
Total Cost of Risk is the sum of the costs arising from all of the risks faced by an organization. Risks can generally be categorized into one of the following three classes:
Operational– Operational Risk includes the cost of products, protection of property, insurance, damage to or destruction of supply sources for key raw materials, components, or services, injuries to employees or outside parties, damage to the property of outside parties including resulting consequential loss, damage to the environment, and employment decisions.
Financial– Financial Risk includes risks associated with commodity price variability or commodity availability, costs of capital and borrowing, customer credits, business development, profit and banking costs.
Strategic– Strategic Risk includes issues of risk that can have a major impact on the overall viability of an organization. These include issues centering on reputation of the organization or its employees, loyalty to the organization of customers or clients, development of new products or services, meeting the demand for existing products or services, and pricing of the organization’s products or services.
When you consider all your risks, it is important to understand how a well-designed insurance program can impact all these areas.
Change your Thinking About Insurance
Most businesses only look at their premiums when they evaluate insurance costs. We would like to provide an alternative view. For example, by only considering insurance premiums you are eliminating many other factors in your total insurance costs. Here are factors that make up your total cost of risk.
- Internal Risk Administration
- Legal and Claims Expenses
- Deductible Costs
- Uninsured Loss Costs
- Safety Program Costs
- Insurance Premiums
- Contracted costs
Next up; we will review each of the cost of risk areas and how they impact your overall insurance program.
Do You Know Your Cost Of Risk?
/in UncategorizedThis article is a continuation of our series on creating a new way of thinking about insurance. As you consider your business insurance, we invite you to think about this subject in the much larger spectrum of “Total Cost of Risk”. Your insurance program is more the premiums you pay
Total Cost of Risk is the sum of the costs arising from all of the risks faced by an organization. Risks can generally be categorized into one of the following three classes:
Operational– Operational Risk includes the cost of products, protection of property, insurance, damage to or destruction of supply sources for key raw materials, components, or services, injuries to employees or outside parties, damage to the property of outside parties including resulting consequential loss, damage to the environment, and employment decisions.
Financial– Financial Risk includes risks associated with commodity price variability or commodity availability, costs of capital and borrowing, customer credits, business development, profit and banking costs.
Strategic– Strategic Risk includes issues of risk that can have a major impact on the overall viability of an organization. These include issues centering on reputation of the organization or its employees, loyalty to the organization of customers or clients, development of new products or services, meeting the demand for existing products or services, and pricing of the organization’s products or services.
When you consider all your risks, it is important to understand how a well-designed insurance program can impact all these areas.
Change your Thinking About Insurance
Most businesses only look at their premiums when they evaluate insurance costs. We would like to provide an alternative view. For example, by only considering insurance premiums you are eliminating many other factors in your total insurance costs. Here are factors that make up your total cost of risk.
Next up; we will review each of the cost of risk areas and how they impact your overall insurance program.
What a Customer Centered Renewal Looks Like
/in AgentOur agency is founded and run on the philosophy that client’s needs come first and foremost. We know you hear that a lot, so we wanted to tell you how we carry out our philosophy day to day. This article is the continuation of our series on how to think differently about insurance.
Previously, we have encouraged you to think differently about the insurance buying process. In this article we wanted to give you an idea of what a customer centered insurance renewal looks like. A Customer Centered Agency considers the customer in everything it does; from product and service development to the entire customer experience. A Customer Centered Agency also speaks to its customers in English, not insurance talk, and makes it easy for customers to do business with the agency.
Customer Centered Insurance Renewal
These are Reichley Insurance Agency’s highest priorities. Achieving these priorities enables both collective and individual success, and thus fulfills our mission.
Let Us Say, “Ask Not What The Client Can Do For The Agent, But What The Agent Can Do For The Client”
/in UncategorizedThis article is a continuation of our series on how to think differently about insurance.
We want to continue our revolution regarding customer service by talking about just what clients should expect from their agent. We ran across this statement and truly believe it, “If all your agent does is place your policy, then they are overpaid”.
We use phrases like “people before policies”, “listen to your needs”, and “Your dedicated team of experts”. These words have meaning to our entire team and are carried out in every conversation with our clients.
Here are some of valued added services every agent should be providing:
At Reichley Insurance, our employees are committed to developing ongoing communication with our clients, and striving to exceed your expectations. You are not buying a product; you are managing your risk. Remember, insurance is not a product; it’s a promise and a trusted relationship.
Communication Is key to Any Relationship
/in UncategorizedThis article is a continuation in our series on how to think differently about insurance.
We live in the greatest age of communication. Today there are more ways to connect with each other than any other time in history. For example, we have access to personal cell phones, email, web pages, videos, social media, traditional mail and more. So why don’t you and your independent insurance agent communicate more often? And, when you do communicate with your agent, what kind, and how much, communication is valuable to the agent/client relationship? Reichley Insurance is attempting to create a new way of thinking about the agent/client insurance relationship.
Let us start by asking and answering the following question, “What kind of communication and service are you getting from your agent”? If all your agent does is send you a policy and an invoice, then your agent is way overpaid. There is so much more that an agent shouldbe doing to educate and serve you. Here are a few examples of what our agents at Reichley Insurance do:
Recent J.D. Powers & Associates.com score study found consumers find agents easier to use than a black-box 800 number or a website, and still prefer to finalize their purchase through an agent whom they can visit or call. In today’s cyber world, an agent should provide that desired personal touch. At Reichley Insurance, our employees are committed to developing ongoing communication with our clients, and striving to exceed your expectations.
Why Relationships Matter
/in AgentThis article is the continuation of our series on how to think differently about insurance. The relationship between you and your agent is the most important part of insurance and risk management process. Your agent’s ability to serve and understand you will impact everything else.
People Before Policies
Reichley Insurance is in the business to meet people’s and business’s needs. We don’t ever just sell you a product. We create and deliver personal and business solutions that address your individual needs, and sometimes that may not include any insurance if it is not in your best interest. Our belief is that by doing what is best for you… we will also benefit.
Education
Smart and informed buyers are the best buyers. We want you to be informed insurance buyers. Our goal will be to educate you on “trending” issues that are important to your family and business.
Relationships Matter
Partnerships are built on trust over time. Our goal is to be viewed by our clients as a trusted partner. If an accident or disaster strikes, Reichley customers can contact our agency staff 24/7 and work with our trusted team. We partner with only the most respected and trusted insurance companies.
We Listen To Your Needs
Unlike some big national firms, we don’t have a set of scripted statements to give to you. We listen to what you are saying and then respond accordingly. We ask the right questions to find the individual insurance solution for you.
We Have a Team of Experienced Professionals
We know and understand your industry. Before we do anything, we take time to get to know you. Our staff has a deep understanding of how insurance works and we continually seek training and education. Our team has over 150 combined years of experience.
These commitments result in the highest of customer satisfaction and confidence. They are Reichley Insurance Agency’s highest priorities.
A New Way to Think About Insurance
/in Agent, InsuranceCongratulations! You got past the title and are now embarking on a new way to look at the insurance buying process. Over the next few months we would like to offer you an alternative way to think about insurance that will change your purchasing experience.
We will start with a few basic truths that we believe in. We will share these truths in greater detail over the next few articles.
The very core of what we value is that providing reasonable solutions to people and businesses should come before everything else, even if what we recommend means not selling you insurance. That is what we will do.
We want to inform you about the value and importance of developing a relationship with your agent. The qualification of the agent can make a difference in your insurance coverage. The national companies spend millions of dollars in advertising while offering only a minimal amount of coverage. The main purpose of insurance is to have your claims covered. In order for your claims to be covered you need an individualized policy that addresses your risk and needs. Only then, will you have the right coverage.
We hope you will join us on this journey, and in the end decide that there is a better way to buy insurance and have true peace of mind.
Water Damage Claims
/in UncategorizedWater damage is one of the most common reasons people make claims on their home insurance. Ruptured pipes, faulty appliances and backed-up drains often lead policyholders to inspect their homeowner policy wording carefully.
Water damage coverage in the homeowner insurance policy is a confusing subject. Usually, the damage caused by water will be covered, but the item causing the loss, such as a leaky pipe or broken appliance hose, will not be covered. While your insurance company will pay for the damaged flooring from a ruptured appliance hose, it will be the policyholder’s responsibility to replace the bad hose. Parts and appliances wear out and it is not the intent of an insurance policy to cover wear and tear. However, if a sudden unforeseen covered cause of loss, such as a frozen pipe, leads to water damage, the pipe repair and the resulting water damage will be covered.
Flood, which occurs when a nearby tributary or body of water breaches its banks and flows into your home, is not covered under homeowner insurance. You must purchase flood insurance for that. You can purchase flood insurance as long as your community participates in the National Flood Insurance Program.
Reichley Insurance Agency is committed to excellence. We pride ourselves on offering our clients reliable coverage and great service. As an independent Ohio insurance agency, we can provide you with all types of insurance coverage from the top carriers in the country. Our team of trusted agents will work with you to find a policy that meets your needs – and falls within your budget.