Knowing what you have — and what you don’t — is critical to being covered properly.
Off the top of your head, could you name how many employees you have, how much inventory you have, how many vehicles are in your fleet, and how many servers you use to store company information — not to mention where they are located? Now, could you name the insurance policies you have in place to protect all of the above?
As many businesses evolve, whether through growth and expansion, new product development, additional services, staff changes, etc., so do their exposures and risks — which can in turn affect what insurance programs should be in place.
At Martin Insurance Group, our experienced staff can help you audit your insurance coverage to make sure each policy reflects the operation and exposures your business faces — and to ensure you’re receiving the maximum value for your premiums.
It starts with a policy and claims review.
As part of our audit process, we’ll review your general liability, workers compensation, garage liability, and inland marine policies. The premiums of these types of policies are based on factors such as sales/receipts, payroll, total cost, admissions, and other factors that vary or are based on fluctuating exposures. We will ensure the policy information is accurate and that you’re being charged accordingly.
The audit process also includes a review of your business operations, as well as financial and business records. We’ll look at, for example: tools, materials, and processes; employee job duties; how and where product/services are delivered; and take a tour of the facility. We’ll also review: financial and business records, such as payroll, sales and receipt journals; employee hire/termination dates; certificates of insurance of subcontractors; cost of hired equipment/vehicles; quarterly taxes, etc.
Additionally, we have found that a company’s claim experience over time will tell a story that can help in determining where there may be problem areas that need to be addressed. We’ll look at your claims record and help identify any loss patterns and fraudulent claims, evaluate the performance of your claims management program, and provide strategies to achieve lower claim cost outcomes in the future.
Since 1983, Martin Insurance Group has been providing insurance and audit assistance to businesses throughout New Jersey, Pennsylvania, and Connecticut, including companies and organizations throughout Mercer, Middlesex, Monmouth, and Ocean Counties, as well as Bucks County, PA. We would like to extend our experience, expertise, and professional service to you and your company, too. Call 800.353.5000 now to speak with a representative about an audit of your insurance risks and coverage.