Risk Profiling involves the identification and quantification of business risks. It is imperative that a business, its owners, Directors or management identify critical risk and employ risk mitigation or risk transfer strategies, including insurance placement that ensures continuity of the business operations within an agreed timeframe.

Once a Risk Profile has been established risk transfer strategies can be used to mitigate unacceptable risks. Transferring risk to the insurance market is only one of a number of risk management strategies

Business Operational Risks
Property, Assets, Liabilities and Revenue

Directors Liabilities and Management Risk
Practices and Corporation Acts
Fines, Penalties, Statutory Responsibilities, Trade

Emerging Risk for Business
Cyber / Environmental / Surety / Trade Credit

Once our clients’ risk exposures has been documented we are in a position to design an appropriate risk transfer (ie. insurance) program.

The insurance programs is designed in collaboration with our clients considering the following:

Risk appetite (Level of risk that our client will retain)
Probability and consequence analysis of a potential large loss

• Financier and other third party requirements
• Contractual obligations/ requirements to ensure other risk management measures or initiatives (eg. physical protection, critical spaces etc)
• Historic claims experience
• Cost Benefit analysis
• Normal / prudent insurance covers
• Structured to accommodate future changes in risk profile
• Complies with contractual legal and legislative requirements
• Ensure tailored to cover specific and evolving risks

An additional BSB Insurance Service to ensure our clients contractual requirements are within the agreed risk transfer strategy, ie insurance programme.

Our responsive contract review advice and advocacy saves our clients considerable time, expense and removes business risk in this ever increasing litigious landscape business operates within.

It is important to note that not all contractual requirements can be insured and contractual circumstances require consideration within the following framework.

1. BSB Insurance will offer a prompt and impartial recommendations to assist our client to be competitive in their industry.
2. BSB Insurance take a commercial and pragmatic approach and understand business contractual pressures.
3. BSB Insurance can liaise directly with a third party.
4. Many uninsurable risks can be transferred in contract.
5. Third Parties will attempt to transfer risks which are not necessarily acceptable to our client Eg consequential loss and removal of proportionate liability
6. Policy endorsements if required is required before commencement of the associated work
7. A contractual obligation may require alteration of your risk management strategies and require endorsement to consultants and/or contractors insurance policies ie Liability and Workers compensation

We are proud of the claims success stories that have been achieved through a planned collaborative effort with our clients, strategic partners, service providers and insurers.

Timely claims support and insurer responsiveness is imperative to enable our clients to maintain their business operations.

BSB insurance services takes a proactive approach ensuring delivery of service with a unique sense of urgency to provide you with a certainty on the insurance response as quickly as possible so that you can focus on running your business whilst we focus on the insurance claim process.

As your broker, we liaise on your behalf with the insurers, assessors, loss adjuster, solicitor, investigators, engineer, repairers and ay other party engaged in the claim process. We ensure that we listen to ascertain your business requirements from claim process to ensure claim disruption is minimized wherever possible.

We focus on making the claim process fit your needs and connect the claim with your insurance program to ensure you receive the optimum outcome. Rather than relying on insurers’ assessment of cover, we review the policy coverage and promote the use of policy additional benefits, policy extensions and with our 30 year plus relationships with insurers and service providers in conjunction with our strong advocacy, ensure our clients enjoy the best possible outcomes.

Managing your insurance claim is a fundamental part of our service offering and access to competent experienced staff to help you with any given claim scenario ensures that the claim process can be prompt , effective and allow you to return to your business.

In conjunction with our Business Partner – Healthforce Group we endeavor to have a Closure strategy on all workers compensation claims or atleast a documented injury management plan that ensures each injured worker receives the best medical care to ensure the earliest return to work.

BSB Insurance Service’s acts as our client’s advocate and advisor within the Workers Compensation claim process ensuring the employer’s position is not overlooked and provide you with additional claims expertise including:

• Technical expertise
• Strategic advice – WA Workcover procedural initiatives
• Access to BSB Insurance Service providers (eg. medical, legal, rehabilitation,)
• Relationship management with the insurer to ensure timely claim outcomes
• The goal is keep claim costs to a minimum