Years ago, I came to realize that the traditional insurance marketplace does not respond to all the needs for counsel on risks individuals and small business owners face. It only responds to risks for which there is an insurance policy to be sold and commission to be paid. Where can people go for counsel on the other risks? Nowhere I know of. The traditional insurance marketplace has no solution.
I had a strong desire to meet those unmet needs so I created a business that would do so. Needs like more expertise in insurance policy exclusions and pitfalls to plug hidden coverage gaps in insurance policies. The need for contractual expertise to identify risks hidden in business or personal contracts and how to avoid them. The need for advice on all types of insurance that don't pay commissions, like group insurance choices at work. The need for claims expertise to get better coaching when filing claims and, if a problem arises or a claim is unjustly denied, to have the skills to go to bat for you and get your claim paid properly. The need to be kept informed of new coverages or laws that affect the risks in your life.
The business I have created meets all those unmet needs and more. I bundle all those added services together and call them "Risk Management", because they all share one thing in common. They all help people better manage the risks in their lives.
My business, then, combines this value-added package of risk management services, paid for by clients via annual fees, with insurance products, paid for by insurance companies via policy commissions.
I believe strongly it’s the way it should be done. And to my knowledge, it’s one of a kind.
You're probably asking just what is this "risk management" and why is it so important? Rather than bore you to tears with technicalities, here's a feel of what our relationship would be like if you enroll. Compare how this feels to what you are experiencing now with just traditional insurance-only service.
The Big Advantage
One of the most important advantages of risk management over insurance-only is a focus on identifying the serious risks in your life—particularily those not covered by your current insurance program.
The Initial Discovery Meeting
To do that well, we initially meet face-to-face. You bring in all your insurance policies. All of them. Business. Personal. Life. Group medical and disability insurance at work. Professional liability you have through your association. You bring in all the contracts of your life. Your apartment or business lease. Your condominium association Bylaws. The contract on your Florida vacation time share unit. Then we talk. I ask lots of questions to see what your life is like, the kinds of property you like to own, the places you like to vacation, how your business works, if any.
Insurance Coverage Expertise
I have considerable expertise on insurance coverages and gaps. (Check out my bio on the menu.) I use that expertise to discover what risks in your life are not covered by your current policies—and there are usually many. (Typically 10 to 25)
Contractual Expertise
I am also knowledgable about identifying risks in business and personal contracts. I read all of yours to see what kinds of risks you have taken on that are not covered by your insurance and discuss how best to protect you. Whenever possible, I try to help you and your attorney negotiate a new contract or amend the current one to get terms more equitable to you.
The Risk Management Reports
After determining the risks in your life that can hurt you badly financially if they occur, I summarize those problem risks in a written audit report together with my recommended strategies for handling those risks using both insurance and noninsurance actions.
Our Second Meeting
We meet a second time to review the problems and recommendations I have identified and discuss the best course of action with you making the final decision. You may need to renegotiate some better terms on some contracts. Or need to transfer titles on certain kinds of property to avoid ownership risks. You may need to look into installing a sump pump or an alarm system in your home to reduce risk. And you will need to make several significant changes in your insurance coverage to plug serious gaps.
Creating The Insurance Program
Finally, I help you put together the specifications for the insurance you need, including plugging all the gaps we have identified, and help you evaluate the best source for that needed insurance. Here is another big advantage to you of what I do versus insurance-as-usual. I help you evaluate all sources of insurance available to you rather than just policies that pay me a commission.
Examples of Outside Policy Coaching
I help you choose which of the group health plans available to you at work is the best choice for your needs. I help you evaluate which professional liability policy to take of the two that your professional association offers. I help you evaluate the value of the student accident policy available to your teenage son as a member of the football team. I help you find a disability policy supplement that plugs gaps in your watered-down group policy at work.
Locating the Best Insurance Values
Finally, I use my insurance market expertise to shop and find you the best overall insurance program with the fewest gaps in financially sound insurers. For the customized coverages I have designed for you, I negotiate with key underwriters to agree to provide those coverages for you that they normally would not provide. And I proof the policies when printed to make sure all the special coverages we ordered are included.
Managing Life's Changes
But all that is just the beginning. With every life change, I am there to tweak your plan. You continue to receive this added value with every phone call, every visit. I even send you regular newsletters I personally write keeping you up-to-date on new coverages and laws and my advice on each. (Check out my newsletters at the Newsletter tab on the menu.)
When you are licensing that new teen driver, I provide you with strategies to reduce risks and cut your costs up to 50%. When your daughter is getting married, I review and recommend changes to the wedding reception contract so you aren't naively agreeing to pay for every drunk driver's accidents or for injuries from food poisoning. When there's a divorce or someone dies or property is transferred to a trust or you rent a sailboat on vacation, I am there with the skills and the care you will need to do it right.
Claims Coaching and Advocacy
Last but certainly not least, there will be claims. Some small. A few serious. I will be there with all this added expertise to coach you better than you've ever been coached on how to document your claim so it goes smoothly and you collect all you deserve. And for those rare occasions where your just claim is unjustly denied, I will use all the skills I have to be your advocate.
The Biggest Advantage of All
Some serious claims that would have been uninsured before we met are now covered because of the work we did up front to identify gaps and plug them.
What's The Cost For My Risk Management Services?
A few hundred dollars a year. Depending on the complexity of your needs, anywhere from $300 to $1200 annually, with the average being about $500. Probably about 5% more than you've been spending for far less. If you're a “spend a little extra to do the job right” kind of person, I have what you need.
If You'd Like To Sign Up
Call me at 952-896-9534 or email me at jhungelmann@corporate4.net or call for an appointment at 952-896-9536.
Be sure to check out the rest of the website. Newsletters. My bio. Even download brochures.
Best wishes,
Jack Hungelmann
