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TAMARAC, FL, August 03, 2011 /24-7PressRelease/ -- Keyes Coverage, Inc., a leading provider of Corporate Property and Casualty, Employee Benefits and Personal Lines for South Florida, today announced a list of recommendations based on an in-depth analysis of the insurance needs for businesses in the region. Though the findings reveal the problems to be wide-spread, the data suggests that following a few recommendations can potentially have a dramatic impact on the bottom-line.
"We have helped many importers, exporters, distributors and manufacturers identify areas in their businesses where significant savings could be generated by applying our 'Risk Assessment Methodology.' The process consists of identifying the exposures, developing strategies, implementing the programs, and most importantly monitoring its performance over the course of the policy term. One of our new clients who applied this methodology recently realized over $60,000 in savings just by bringing their ocean cargo insurance in-house vs. using the freight forwarder as the insurance provider," commented Evan Greenfield at Keyes Coverage, Inc.
Greenfield's findings indicated that the needs of several business segments are quite specific and many companies are using insurance agents with very little knowledge of these clients' industries. As a result, fundamentally important questions are not addressed which leads to higher risks and higher premiums. One example is a failure to discuss shipping habits. When this primary item is overlooked, companies may choose vendor solutions based on partial or misinterpreted data. This can lead to material shortcomings or failure to resolve the long-standing problems. In this case, Greenfield's Risk Assessment Methodology of reviewing employers existing shipping procedures and habits would reveal the opportunity to reduce the overall costs associated with their products.
Greenfield added, "Keyes Coverage has been serving businesses for 50 years and I personally have for the past 13 years. It just made sense to formally aggregate the most common mistakes we have seen brokers make in the delivery of their services to their clients - especially because of the monetary damage these mistakes cause. Using a combination of empirical and benchmark data together with our experience to date, we have created a detailed Risk Assessment Methodology of how to evaluate often overlooked risks and provide meaningful recommendations to our clients."
More in-depth solutions are available in Mr. Greenfield's Insurance Insights blog: http://evangreenfield.wordpress.com.
Keyes Coverage, Inc. has been providing insurance consulting services to businesses in the Florida area since 1975. Founded in 1957, Keyes Coverage represents most major carriers and is recognized by the Florida Business Journal as being one of the largest agencies in South Florida. For more information email Mr. Greenfield at [email protected] or visit www.keyescoverage.com
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