A well educated insurance buyer recognizes the importance of partnering with an insurance broker that specializes in their industry. This partnership allows the broker to focus on the complicated details of the insurance policy and provides a sense of confidence that your specific needs are properly insured. Defining the expectations of your broker is critical for a successful long term relationship. Below are some areas that should be considered imperative when making this choice.
- Complete Assessment of Insurance Needs
- Positive Underwriter Negotiations
- Risk Financing
- Claims Case Management
Assessment of Insurance Needs
Not unlike a financial audit, a comprehensive needs assessment has many specific steps and takes time. By following these important steps, the purchase of insurance changes from a general thought of ‘we need insurance' to a detailed application for insurance that covers the specific need of your organization.
- Hulse/QM® staff will spend time on site touring and collecting data. Gathering a strong understanding of the mission and values of your organization will establish a strong base to use when assessing your organization's unique insurance needs.
- Hulse/QM® will carefully examine the risks of your specific organization by asking detailed questions and working together to identify answers and solutions to those questions.
- "Don't insure the expected, insure for the unexpected!" Hulse/QM® will assist the organization in determining tolerance levels for self insuring risk and what risks need to be covered by commercial insurance. Know your costs to reduce your costs!
Supporting persons with disabilities is a complex business. During the early 1980's, Hulse/QM® made a strategic decision to dedicate time and resources to develop an expertise in organizations that support persons with disabilities.
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Positive Underwriter Negotiations
Insurance underwriters are tasked with achieving profitability for their employers as well as making certain their quotes satisfy all the rules of regulators. The industry often uses ambiguous language within their policies. Understanding this environment is the key to successfully negotiating with insurance carriers.
- Through years of experience, Hulse/QM® knows how underwriters think. Understanding this mentality and how to communicate with them is the key to achieving accuracy in rating and coverage.
- Standard insurance applications do not get the job done. A properly crafted request for proposal including not only the basic application, but explanatory attachments is the first step in achieving the desired outcome.
- Hulse/QM® continues the process through direct communications and negotiations based on our own experience of working with human service organization underwriters.
Hulse/QM® has a proven track record of finding win-win solutions for our Human Service Organization clients.
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Risk financing is a plan for funding the financial consequences of random, unexpected accidents, oversights, or errors. It also funds an organizations's emergency and Business Continuity plans.
- Hulse/QM® will help you develop a comprehensive strategy to identify your organization's exposure and how costly incidents will be handled financially.
- A Risk Financing Plan notebook is prepared that organizes all the needed information, including:
- Asset Schedules
- Insurance Policies
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Claims Case Management
Just as your organization performs Case Management services for your clients, Hulse/QM® will provide Claims Case Management for your insurance claims. Hulse/QM®'s 20+ years of experience in Human Service Organization claim advocacy is the key to providing effective oversight and management of the claims process on your behalf. Our knowledge of the nuances of these specific types of claims will often result in a favorable outcome for your organization.
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Your insurance broker should fully disclose commissions, services, and potential conflicts of interest.
- By doing business with Hulse/QM® we will fully disclose the commission income earned from your business as well as disclose any contingent commission arrangements that may be in place.
- Hulse/QM® will fully outline the services that we perform for each client at the beginning of our relationship, and will hold ourselves accountable to fulfill those promises.
- Hulse/QM® conducts business in a way that is free from conflicts of interest, and will fully disclose to our clients if any such conflicts exist.
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