We can help you control your costs through the application of sound risk management practices. These include reducing risk, avoiding risk, and/or retaining risk. Reducing Risk
You are required to
comply with government regulations, of course, but you can do much more to minimize your chances of loss. We can work in partnership with you to set standards, develop policies, and document procedures that
will reduce your costs by reducing your exposure to loss. Your loss control program
may encompass workplace safety, security, ergonomics, employment practices, environmental considerations and, where appropriate, occupational or industrial hygiene.Insurance carriers today
have a limited amount of time and funding to provide you with the kinds of comprehensive loss control services you may require. Vista, however, can supplement this unfulfilled need.
Safety in the Workplace
Creating a safety culture that reduces the costs associated with occupational accidents and injuries can improve your profits and the welfare of your employees.
A successful safety program is one backed by senior management, supported at the supervisory level, and which penetrates down to the grass roots. Well-trained supervisors are your best defense
against costly accidents in the workplace. They are the ones who can make safe work practices a part of your business process, and they should be actively involved in communicating your standards of safety
to other employees.
Other Exposures
We can design and conduct
comprehensive reviews of other areas of your business that, if left unchecked, could expose you to financial consequences. Based on the results of these audits, we will work with you to incorporate
cost-effective changes that will minimize risk.
Avoiding Risk
Avoiding risk is not always possible. A careful review of your business practices, however, may
reveal areas where you can avoid risk by withdrawing certain services, diverting certain activities, or finding other ways to achieve your goals. Retaining Risk
To
balance coverage with cost, you may want to retain financial responsibility for some risks yourself by adding deductibles to your insurance coverage, self-insuring or setting up a captive insurer
Self-Insurance
If you have the
financial wherewithal to meet expected losses, you may choose to develop a self-insurance strategy for some risks. This is not to be confused with foregoing insurance coverage. A self-insurance program is
based on financial strength and should be balanced with an effective loss-prevention program.
You must have a
system in place to manage claims and deliver benefits in the event of loss that would otherwise be provided through an insurance carrier. You will have to contend with a number of compliance issues,
depending on what risks you self-insure. If this option is right for you, Vista can help you select the best third-party administrator and design a stable and cost-effective program.
Captive Insurers
A single-parent captive is an insurance company that has been organized by a parent company
for the express purpose of providing the parent company's insurance. A group or association captive insures two or more organizations by which it is owned and controlled.
In most states, captive insurance programs issue their policies through a fronting insurer. In order to preserve the financial integrity of the captive,
the purchase of various reinsurance contracts is required. Claims administration, accounting, actuarial, and legal services are also necessary to support the viability of a captive company. The most desirable approach is often the use of rental captives, which eliminates the need to capitalize the program. Vista has access to a number of
rental captive companies through many of the well-known insurers in the U.S. and can help you determine whether you might benefit from this approach to risk retention. Managing Risk
We want
you to feel comfortable with your risk management decisions and the protections you have in place. As unique needs arise and as changes in your business occur, we will do all that we can to ensure that there
are no gaps in your coverage and no surprises in your future that you are not prepared to face. |
![Transforming Risk ... into Security[TM]](../tagline.gif){kind=small}
Accountants