Risk Management Consulting

These programs are custom designed for each client. Each risk situation is approached individually and in two distinct phases: pre-loss and post-loss evaluation and services.

The pre-loss evaluation includes in-depth discussions and reviews with key personnel in the customer's company to determine exposure to loss. Then, the company's professionals conduct a risk assessment and make recommendations. Recommended process could be as simple as basic safety engineering or as complex as systematic analysis of workflow throughout the organization. The process may include Hold Harmless agreements, the elimination of hazards, or the avoidance or transference of risk. Based on research and analysis and following the evaluation reached jointly by the company and the customer's personnel, they design a program to reflect the appropriate risk-taking philosophy. This may include self-insured programs, risk transfers through non-insurance-based means, Risk transfers through insurance, Risk avoidance/elimination through loss prevention, and loss prevention and safety programs.

They assist in evaluating the financial treatment of the Risk Management Program. This could include the selection of deductibles and self-insured retentions or matters as complex as the creation of an in-house insurance company. The financing program is designed to fit the company's philosophy, its risk taking approach, and bottom-line financial needs.

There are two basic phases of post-loss risk management services: claims management and evaluation of the approximate cause of the loss. The company's professionals assist customer's to assure the claims are handled promptly, equitably, and professionally. If payment is to the customer, their objective is a timely, complete payment. If the payment is to a third party, they oversee claim reserves and their maintenance, and follow up with the carrier. The process does not end with a claim payment. Repetitive small losses are often predictors of large severe loss. The management team can find and help eliminate causes, helping customers to maintain the effectiveness of their program.

William Rigg Insurance Co., 309 West 7th Street, Suite 200, Fort Worth, TX 76110. Tel: 817-820-8100; Fax: 817-870-0310.