Business
Insurance
TABLE OF CONTENTS
FOCUSING OUR STRENGTHS
Return to top Insurance for commercial business remains our core competency.
Targeting the special needs of medium to large sized companies, we provide a focused
direction through an effective alignment of our resources to better serve the long term
needs of our clients. We tailor-make insurance and risk management plans for a wide
variety of businesses such as manufacturing, construction, wholesale and retail,
distributors, food processing, service industries, and many more. Specific areas of
expertise, product, and services we provide are:
- Workers Compensation
- Property, Liability and Business Automobile
- Umbrella Liability
- Directors and Officers Liability
- Surety and Fidelity Bonds
- Employment Practices Liability
- Personal Insurance
- Employee Benefits
- 401k
- Section 125
- Deferred Compensation
- Group Health
- Life and Disability
- Professional Loss Control
- Free Professional Consultation Services
- Accounting
- Human Resources and Labor Law
- Legal
- Compensation, Incentives & Organization Planning
- Mergers, Acquisitions & Valuation Concepts
- Marketing, Advertising & Sales Management Planning
- Employee Training
- Professional Seminars
- Specialized Claim Service
- International Liability
- Professional Liability
- Pollution and Environmental Liability
- Ocean and Marine
AREN'T ALL PROPERTY AND CASUALTY INSURANCE BROKERAGES THE
SAME?
Return to top What makes Golden Pacific different, and we think
better, than all the other agencies in town? Historically, insurance brokers have behaved
essentially as a shopping service for their clients. The good ones were almost always able
to find adequate risk coverage at attractive premiums. Today most CEO's have so many
additional responsibilities and such limitations of staff that the role of the insurance
broker has changed. We are often asked to serve as a full service, outsourced insurance
and risk management department for our fast growing customers. We provide access well
beyond pricing and renewal shopping, and become a true solution partner. We consult,
analyze, advise, teach, and, yes, find access to risk coverage in the vast world market of
business insurance underwriting. Naturally, we can help you develop strategies, negotiate
with insurance carriers, and continuously monitor business practices to ward off
unnecessary claims. As true loss prevention specialists, our job is to provide innovative
ways to assure a client's risk management success, thereby reducing your costs and making
you more profitable and more competitive.
Our strengths and services save you money! Utilizing our property and liability risk
control and workers' compensation claims specialists, we are able to carefully craft
powerful insurance marketing proposals that specifically emphasize your most favorable
risk characteristics - key factors in the insurer' pricing models.
As a BizAssure agent, Golden Pacific Insurance Services has made a substantial financial
commitment to provide you with the best available professional consulting for FREE.
Should you need to review a contract or lease, or you have to fire an employee and want to
have a professional opinion about your decision prior to acting on it, your FREE
consultant is only an 800# away. The cost of using this kind of service outside of Golden
Pacific could cost you $150 to $350 per hour. The cost of not having this available and
not getting legal consultation prior to acting could be in the 100,000’s. Can you
afford to be with any other agent?
BROKER SERVICE COMMITMENT
Return to top Initial Account Survey
A meeting with you to discuss your business will help us better understand your company
and its exposures.
Management Review
A meeting to discuss the best strategy to market your program will include:
- an evaluation of the risks involved and the carriers best suited to cover your
exposures.
- alternatives to the current program,
- pricing directions and considerations,
- insurance market conditions for each area of coverage,
- and recommendations for additional coverage.
Account Status Report
Designed to provide you with regular updates, as needed, to discuss:
- status of outstanding items,
- recap items recently finalized,
- advise of potential problem areas,
- serve as a reminder of data needed from you,
- and keep you up to date on changes within the insurance industry.
Loss Control
Various observations and recommendations will help reduce claims. The purpose is to
provide tools to help mitigate future claim problems. Golden Pacific is proud of our
comprehensive Loss Control Department which can be of significant value. A more detail
description of services is outlines in our GUIDE TO manual.
Claims Review
Loss reports will be reviewed to identify trends and correct errors. When of value,
personal face-to-face meetings with the insurance carrier claims management will be held
to review the proper handling of the claims and set direction for further action. Claims
review is of special importance in workers' compensation insurance because of the dramatic
affect open claims have on your experience modification and net premium.
Claims Service
When a claim does occur, your first call should be to us. We will make sure that the
loss is reported promptly to the proper carrier. Our thorough submission of the claim to
the carrier can have a great impact on how that claim is adjusted and paid. You will
receive personal and efficient claims service.
BizAssure Consulting
As our client, you have immediate access to some of the top consultants in the
industry. Legal, Accounting, Human Resource and Labor Law consultants are available via an
800# to help with questions you may have. Other consultants in the area of Compensation,
Incentives & Organization Planning, Mergers, Acquisitions & Valuation Concepts,
and Marketing, Advertising & Sales Management Planning are also available. One
extremely valuable service is a free Employee Handbook evaluation. There are semi-annual
seminars presented by BizAssure to help bring appropriate employees, such as Human
Resource personnel, up-to-date material and ideas that pertain to your business today.
Certificates of Insurance
Requirements of certificates and other insurance requests are always handled promptly.
You will receive a copy for your files.
Premium Audit Review
We will oversee audits to be sure they are correct. Use of the proper rates and the
calculation will be checked.
Policies
We will monitor the carriers to expedite policy processing. Occasional changes and
endorsements will be promptly handled.
Personalized Service
We always strive to give the personal attention and consideration you deserve and
expect. Our services are tailored to the specific requirements of each client.
WORKERS' COMPENSATION SERVICES
Return to top The service team we provide is the premier expert
in handling workers' compensation insurance programs. Our objective is to achieve the
lowest net cost possible for your firm. An aggressive, proactive approach to managing
your workers' compensation program is designed for your company. Our excellent
relationships with the major insurance companies allows us to negotiate the best loss
control service, close open claims and reduce your premium. We will work for you in the
key areas to ensure your workers' compensation program is continually well managed.
EXPERIENCE MODIFICATION: A primary focus is to achieve the lowest possible
experience modification (x-mod). Your x-mod impacts your upfront premium and your daily
cash flow. A low x-mod can give you a significant competitive advantage. A high x-mod
could literally make your insurance costs unmanageable. One bad year, one over-reserved
claim, or one avoidable accident will affect your x-mod for three years. The effect of our
review of open claims on current and past policies is of significant value to your
company. In the era of Open Rating, your x-mod is a large factor in determining your final
premium.
CLAIMS MANAGEMENT: We consistently review all open claims that impact both your
x-mod and the marketability of your insurance. We encourage the adjuster to be proactive
and follow an aggressive action plan toward claim closure. Our team has significant
experience in the field of claims adjusting. Our combined expertise and excellent working
relationships with the various claims adjusters make our claim reviews truly beneficial to
our clients. This effective service reduces your x-mod. Effective claims management is
even more important in open rating because a lower loss ratio directly lowers your
premium. An industry fact is that some files get more attention than others because of
sheer numbers and time. Our client's claim files receive the proper attention.
We evaluate our carriers based on the number of files handled by each adjuster and how
aggressively they manage those files. The better carriers have investigation units,
litigation units, cost containment programs and other effective methods to reduce costs.
We want the legitimate claim - the truly injured worker - paid promptly and properly. At
the same time, we want the fraudulent claim investigated, denied, and defeated.
UNIT STATISTICAL FILING REVIEWS: The most important time of the year for your
open claims to be reviewed is before Unit Statistical filing. 18 months after policy
inception, all your payroll and incurred losses (paid plus reserve figures) for the past
four years and nine months, are reported to the Workers' Compensation Insurance Rating
Bureau (W.C.I.R.B.). The data is used to promulgate your experience modification by
comparing it to the average losses and payroll for your industry.
It is imperative to make sure each claim is reserved for the proper amount prior to the
filing and not over reserved. Our consistent claim review process helps ensure each claim
is as close to closure as possible before our unit statistical review. This makes the
review much more effective, and lowers your net cost.
ENGINEERING/LOSS CONTROL: Naturally the best solution is to avoid all claims,
but that is unrealistic. However, preventing as many accidents as possible allows us to
start from a more desirable position. Our Loss Control Department coordinates expert loss
control services from the insurance company, for safety meetings, inspections, and
training. We also make recommendations on effective loss control tools like safety and
performance incentive programs. We offer quality Loss Prevention services in addition to
or instead of the service provided by the insurance company.
INJURY & ILLNESS PREVENTION PROGRAM: Senate Bill 198 is a California labor
code addition which requires all employers to establish and maintain an effective and
written Injury and Illness Prevention Program (IIPP). We will coordinate with the loss
control consultant specialist from your new carrier to develop and implement the program.
Failure to comply with OSHA rules may result in citations, penalties and fines which could
easily exceed $10,000.
NEW OSHA LAWS:
CARRIERS: Our strong relationships with California specialty workers'
compensation carriers and the large national and international carriers gives you more
choices. We constantly monitor their results, services, strengths and weaknesses, so we
can place your insurance with the most appropriate company. We can also discuss the
significance of the published financial results of your carrier.
EDUCATION: The more both you and your employees know about workers'
compensation the better. An employee is less likely to litigate if he or she knows how
much you pay to ensure all of his or hers medical bills and permanent and temporary
disability. An injured employee is contacted expeditiously by the claims adjuster to
provide benefits quickly and decrease litigation potential.
COMMUNICATION: The level of communication we maintain is vital in both loss
control and claims review. We need to know what services you need for the success of your
safety program. Simultaneously, we will communicate consistently to guide each open
claim toward closure. Regular loss runs and periodic open claim status updates will keep
you informed of each claim. It is also our priority to inform you about the impact of the
changing workers' compensation laws.
CLASSIFICATIONS: Perhaps the most technical assistance we provide is on
classification questions. We will assist you with advice from the Bureau to make sure you
have the most appropriate and lowest rated classifications possible. This advice has saved
some clients tens of thousands of dollars. You should consult us first if you are
considering a new venture, a physical move, or ownership change or acquisition. We also
review current classifications for accuracy and assist you in challenging audits.
MARKETING BENEFIT: The goal of our service is to help you minimize your losses
and long term net cost. We will present your firm to the insurance companies in a manner
so the underwriter applies maximum scheduled credits for a minimum premium. Your efforts
and success with safety should be rewarded with a reduced premium. We can help put control
of your program back in your hands. Our excellent relationships with the major insurance
companies enables us to negotiate the best of loss control and claims service and lowest
premium.
All of the previously mentioned topics are vitally important, but the key is expertise
and service. We have the experience, knowledge, and commitment to significantly reduce
your workers' compensation costs. Our service is provided in the way that is most
meaningful to you. We will go the extra distance it takes to make sure your workers'
compensation program is managed as well as possible.
GROUP HEALTH SERVICE SUMMARY
Return to top Objective:
We listen to your concerns and determine your short and long term objectives. We
provide a comprehensive and cost effective program.
Marketing & Underwriting Assistance:
Assist you in the Insurance Company selection process that better fulfills your
requirements.
Provide you with the following tools needed to create an accurate and competitive
submission and proposal.
- Census
- Supplemental Questionnaire
Ongoing communications with insurance companies to reach your coverage and premium
goals.
Review and analyze quotes for accuracy and competitiveness.
Implementation of Services:
Arrange meeting with the insurance companies to assist you in making the best decision.
Provide Enrollment information.
Coordinate the "Open Enrollment" meetings to assist in the health program
selection process.
Monitoring of Program & Ongoing Services:
Assist in coordination of benefit payment when needed.
Assist your employees on all services issues that require our expertise.
Provide other services needed to maximize employee satisfaction.
Return to top
|
