Rethinking Risk Management
At Sterling Insurance Group, we “RETHINK” every aspect of our clients’ insurance strategies. Our proprietary Risk Path Process, provides a diagnostic approach, investing our time and technical resources to identify and manage your risk. This proven process will minimize claims and effectively reduce your insurance costs. Please take a moment to watch this quick video which explains our approach to risk management and how our Certified Risk Architects can help enhance your businesses profitability.
Risk Path Process
Our proven 5-step process, designed to effectively reduce commercial insurance premium costs will:
Identify exposures, analyze business and industry-specific risks, develop risk strategies, implement specific programs and provide ongoing monitoring of the plan.
STEP ONE: Identify Exposures
The first and perhaps most crucial step of effective risk management is identifying exposures. Sterling Insurance Group’s Certified Risk Architects will invest the time to understand every facet of your business in order to help you and your team identify potential risks which may face your business. By evaluating the effectiveness of risk management programs, practices and resources under real world conditions, our Risk Path Process assures that your assets receive precisely the right type of protection.
STEP TWO: Analyze
Our team of Certified Risk Architects and Risk Engineers take a deep, head-first dive into your business to look at all risk factors of your industry and your business.
STEP THREE: Develop Strategies
Armed with a thorough understanding of your business, including your industry, corporate culture and operating procedures, the Sterling Risk Team will have the foundation to move beyond insurance, exploring a spectrum of proven alternative strategies to minimize risk and reduce insurance costs.
Investing the time to gain this comprehensive understanding of your business and identify exposures will pay huge dividends, enabling us to precisely tailor strategies to fit the unique needs of your business.
- Risk Minimization
- Contractual Transfer of Risk
- Risk Avoidance Retention of Risk
- Policies/Procedures and Controls
STEP FOUR: Implement Programs
During the implementation process the Sterling Risk Team will put specially tailored programs and strategies in place designed to protect your assets while reducing insurance costs. As a part of the Beyond Insurance Global Network, Sterling Insurance Group has the resources to design special safety and employee training programs, optimize employee handbooks and HR materials, and review compliance issues, all of which provides strong motivation to underwriters to offer much lower insurance costs on your behalf.
STEP FIVE: Ongoing Monitoring & Adjustment
You and your business are dynamic – what works for you today might not work as well tomorrow. That in mind, the Sterling Risk Team will continue to monitor and adjust your risk management programs to ensure a best-in-class risk profile as your business evolves and changes. Fortune 500 companies have full time Chief Risk Officers who work around the clock to reduce risk and lower premium costs. With the Sterling Insurance Group Risk Path Process, our Certified Risk Architects act as your Risk manager; with a comprehensive understanding of your business, ongoing planning, implementation and monitoring, you can have the benefit of Fortune 500-style risk management and increase your profitability.