RISK MANAGEMENT
AUDIT SERVICES
Safeguard your assets to grow your business.
A risk management audit is a detailed review of your business’s exposures and insurance program.
This audit will help you understand your insurance coverage better than before and make specific, actionable recommendations for changes to your commercial insurance program. The audit addresses your existing risk management needs and is expandable to accommodate future growth and unplanned external factors.
What Is a Risk Management Audit?
A risk management audit is a detailed review of your company’s exposures, insurance policies, and risk management practices. The audit identifies coverage strengths and weaknesses and provides actionable recommendations to improve protection and align insurance strategy with business objectives.
Our risk management consulting services begin with an audit.
We begin by auditing your existing commercial property and casualty policies, insurance claims, and any existing risk management programs to safeguard your assets.
As a result of the audit, your organization will have a risk management plan and be able to:
- Develop a strategic understanding of how insurance fits into your business
- Identify areas with improper or inadequate commercial insurance coverage
- Reduce policy premiums and improve coverage
- Renegotiate business-critical commercial insurance programs
- Prepare for mergers, acquisitions, and operational changes
- Analyze commercial insurance forms, terms, conditions, and exclusions
- Identify policy and binder strengths and weaknesses
Perhaps most importantly, the risk management audit helps you better understand your company’s insurance program so you can make informed decisions.
What Does a Risk Management Audit Include?
Use your existing bullets, but structure:
- Policy review
- Claims analysis
- Coverage gap identification
- Terms and exclusions analysis
- Renewal strategy preparation
- Growth and acquisition readiness
Independent Audit Oversight
MB Davis Group conducts risk management audits as independent commercial insurance consultants. We do not sell insurance policies or earn commissions, which allows us to provide objective analysis focused entirely on your company’s best interests.
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Why Do I Need an Insurance Audit?
Are You Confident in Your Insurance Program?
Yes, commercial insurance can be hard to understand, but it is possible when you have us on your team. We’ve spent years mastering commercial insurance to help businesses like yours build customized, strategic risk-management programs. We’ll do a deep dive review of your insurance policies and your risk exposures then design the right program to protect your business assets.
Frequently Asked Questions about Risk Management Audit Services
What is a risk management audit?
A risk management audit is a detailed review of a company’s insurance policies, risk exposures, and overall risk management strategy. The audit identifies coverage gaps, evaluates policy terms, and provides actionable recommendations to strengthen protection and align insurance with business objectives.
What does a risk management audit review?
A risk management audit reviews existing policies, limits, exclusions, claims history, contractual insurance requirements, and underwriting documentation. The goal is to identify weaknesses, inefficiencies, and opportunities to improve coverage structure and negotiation strategy.
Why should a company conduct a risk management audit?
Companies conduct risk management audits to ensure their insurance coverage reflects current operations, growth, acquisitions, and contractual obligations. An audit helps reduce uncertainty, strengthen renewal preparation, and prevent costly coverage gaps.
Can a risk management audit help reduce premiums?
By identifying inefficiencies, strengthening underwriting presentation, and improving negotiation leverage, a risk management audit may help companies secure more competitive terms and pricing over time.
Is a risk management audit the same as working with an insurance broker?
No. A risk management audit provides independent analysis of your insurance program. Unlike brokers who sell policies and earn commissions, MB Davis Group conducts audits to provide objective oversight focused on the client’s best interests.
When is the right time to perform a risk management audit?
A risk management audit is especially valuable before renewal, during periods of growth or acquisition, after significant claims activity, or when leadership wants greater clarity and control over the insurance program.
Free eBook
Why Do I Need an Insurance Audit?
Are You Confident in Your Insurance Program?
Yes, commercial insurance can be hard to understand, but it is possible when you have us on your team. We’ve spent years mastering commercial insurance to help businesses like yours build customized, strategic risk-management programs. We’ll do a deep dive review of your insurance policies and your risk exposures then design the right program to protect your business assets.
