As colleagues, Mike and Rick share 60 years of professional experience in Business and Risk Management.
Anything standing strong must be built on a solid foundation. BOLLWERK’s analysis and specification methods are designed to capture your specific needs.
Our Clients are presented with a clear and precise explanation of often complex Risk Transferring solutions, providing a complete summary from which to make good decisions.
Risk sharing and transfer is one of society's greatest benefits. Combined with realistic prevention and management of risk, our clients can have a winning risk strategy.
Insurance was invented to transfer the cost of risk, by sharing those costs with a bigger pool of members. As the likelihood of a loss becomes historically known, over time it is statistically predictable. With each in a large group contributing a share of premium, sufficient funds are pooled to a level to absorb the settlements. The result? Each member enjoys protection against catastrophic settlements, at a fraction of the cost.
A Risk Strategy is a carefully considered approach to risk transfer that shifts catastrophic risk to an insurance pool, with the client retaining the appropriate amount 'out of pocket', while taking steps to reduce the likelihood of loss.
This three-part approach is the management of risk. Risk Management done correctly minimizes costs, while protecting your core assets and value producing business.
If you save $1000 annually in Premium, yet pay $50,000 out of pocket because of insufficient coverage - have you really saved money? In non-adjusted dollars, it would take 50 years of Premium 'saved' to break-even. Don't be fooled.
A doctor giving medication without an examination, an accountant filing taxes without seeing the ledger, and an agent quick-selling insurance without knowing your business - all examples of reckless practices. This is why selecting insurance on price alone doesn't make sense.
Of course, everyone wants the lowest price. But, without careful consideration of the coverages and what is needed, a policy can't be expected to perform. Many people do not understand this until the policy is needed, and it is too late.
Responsible Agencies strive to clearly understand the coverages their client needs, have experience in what things can go wrong, and construct policies that anticipate the correct coverage. These specifications are shopped to many Insurance Carriers for the most competitive price. Smart buyers select the right specifications, before securing the best price.