What is a Risk Services survey & how does it help me?
If you get a call from a Wawanesa Risk Services Consultant to set up an on-site survey, you may feel a bit hesitant at first and unsure what it entails. The truth is, you might be pleasantly surprised by the helpful results!
It may sound intimidating or even unnecessary, but having a survey from our Risk Services team can save you time, money and hassle. So what exactly is a Risk Services survey, and what role does it play in the insurance process?
To start, it’s worth noting that most major insurers have a Risk Services or Loss Control department. Typically, when you sign up for a new policy or when it comes time for renewal, the underwriter may request the Risk Services team to perform a survey. In a nutshell, they will be assessing any possible hazards on your property, such as electrical and plumbing system hazards, with the goal of helping prevent or minimize losses in your home, business or farm.
“We’re not inspectors, and we’re definitely not code enforcers. We’re Risk Services consultants,” clarifies Paul Johnston, Manager, Risk Services National - Commercial and Farm, with Wawanesa Insurance. “We work with our clients and try to keep them from incurring a loss.”
“It’s a win-win situation. Risk Services is great for both the company and for our members.”
What happens during a Risk Services survey
Since risk assessment pertains to both commercial and personal insurance, it’s helpful for homeowners as well as those who run a farm, business or fleet operation to understand what happens during the process.
At Wawanesa, when the Risk Services team gets a request from underwriting for an on-site survey, they talk to your broker first before contacting you. Sometimes ‘ride-along’ surveys are conducted with brokers, or joint surveys are conducted with underwriters for training and educational purposes.
Through both the on-site survey and virtual surveys, our Risk Services team gathers pertinent information from you to provide risk-related advice that helps minimize or avoid loss. As part of this process, underwriters gain a greater understanding of the property being insured under the policy.
These surveys also provide significant value for you as a member.
For example, when a Risk Services consultant surveys a property, they provide transparent feedback on potential hazards that may have previously been unknown. You gain these insights and are then in a better position to action items that may have otherwise resulted in an insurable loss—plus avoid the inconvenience of downtime and any deductible costs.
Here’s how the on-site survey works
Once a member of our Risk Services team notifies your broker, they’ll call to schedule an appointment for the on-site or virtual survey. You’ll be able to arrange a convenient time to ensure the right person or people are available to show the team member around and answer related questions.
During an on-site appointment, the Risk Services consultant will survey the property, ask relevant questions, take notes, measurements and capture photos with your permission. They look at a variety of factors, from building construction features to fire, liability and crime hazards—highlighting areas of excellence as well as conditions that may lead to a loss.
“We perform a different job than your broker,” says Johnston. “Our purpose is to analyze exposures to loss and work with members, brokers and underwriters in offering creative solutions. Once again, that becomes a mutual benefit.”
Contrary to what many people might assume an insurance person would be on site to do, it’s important to know that our job is not to recommend coverages. Rather, our role is preventative in nature—to assist you in preventing losses from occurring.
Results of a Risk Services survey
Following the survey, our Risk Services team provides documentation to your broker and underwriter. This includes a recommendation letter with photos that highlights opportunities for risk improvement. Your broker can review that letter with you and discuss any questions or next steps if needed.
Our Risk Services team is always available for post-survey consultation, including clarification on recommendations or even advice on future building renovations or expansion projects (such as the addition of sprinkler protection or alarm detection).
Benefits of a Risk Services survey
“We’re there to help both the member and the broker,” says Tyler Bjornson, Director of Prevention and Risk Services with Wawanesa Insurance. “We’re helping to play that defensive line.”
“Most members don’t have access to the technology we have, such as infrared cameras, and they’re benefitting from the team’s collective years of field experience,” Bjornson continues. “A loss prevented is always a mutual win, saving our members from experiencing downtime, inconvenience and from paying their deductible.”
As Bjornson explains further, “The majority of members do not maintain photo documentation of their building and contents. As an added side benefit, through our Risk Services process, survey photos are maintained on file and may be useful in the event of a significant loss or claim.”
When it comes to hazards, risks and losses, an ounce of prevention is worth a pound of cure—and the Wawanesa Risk Services team is working with our members, brokers and underwriters for mutual good.
Contact your broker to learn more about preventing losses to your home or business.