June 13, 2024

As a leading business insurance broker in New York, The Coyle Group is focused on helping business owners of all sizes make the most informed decisions when it comes to business insurance. Business insurance is all we do. We don’t do group benefits, we don’t do home and auto insurance, and we don’t do life insurance. Having a singular focus on business insurance is unique since most mid-market insurance brokers often lack focus and do a little of everything.

You can elect to work with a specialist, or a jack of all trades, the choice is yours. There’s a reason you go to a cardiologist to take care of your heart, and we believe that business insurance brokerage in New City NY should follow the same approach. Work with a specialist with deep expertise and experience in that field, who has the capabilities and resources to handle your account and your relationship properly.

As a broker who has focused most of their 35+ year career on business insurance, I have developed specialized knowledge not only in hospitality insurance New York coverage forms and their usage, but also in risk management – the analysis of a firm’s exposure to risk and how well they organize, prioritize, and manage that risk. There is a reason that every Fortune 1,000 Firm has a risk management department or professional in their organization. They understand that reducing a firm’s risk helps contribute positively to the bottom line. Not only in the form of fewer claims which helps reduce insurance premiums, but also by improving top-line productivity performance.

What we’ve been able to do is scale those Fortune 1,000 type resources and tools down to the middle market and effectively deploy them to benefit privately held firms. So, in addition to expertise on the insurance/risk transfer purchase, we bring an extra dimension to clients in helping them manage risk tailored to their specific needs and wants.

What Is The Most Common Area We Work In When It Comes To Risk Management?

Worker safety and risk reduction are by far the most requested services we get from clients in the industrial, contracting, or distribution verticals. Workers’ compensation costs can be crushing so reducing claim frequency and severity is critical to helping mid-market firms manage their costs.

Worker safety and risk reduction is also one of my favorite areas to work in because it’s highly predictable. Looking at a firm’s loss history for workers’ compensation over a 5-year period of time gives me the ability to know with relative certainty what will happen in the next 5 years if no risk control strategies are put in place. It’s also pretty predictable what will happen if risk control is made a priority and made part of the company’s culture. Typically, we see a 25% reduction in claim costs in the first two years of engagement with a new client who has no formal rick control program in place. That can be a pretty dramatic impact, because every dollar saved in direct claim costs will result in one to five dollars saved in indirect costs.

Let me put another way with an example. A large firm experiences $400,000 of workers comp claims each year, and after two years, we’ve dropped that to $300,000. In addition to saving the firm’s insurance company about $100,000 in claims, we’ll also end up saving the client at least $100,000 and up to $500,000 in indirect costs.

Want to learn more about business insurance broker in New York from The Coyle Group? Why not reach out to me a schedule a time to chat and see if we’d be a good fit for your firm.

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