Overview

Risk-ManagementESP was born out of a need for a method of administering insurance systems and providing an unbiased third party to analyze and make recommendations about Property & Casualty as well as Employee Benefit insurance programs. Many public entities find that, although they have tremendous risks and assets, there is not enough revenue to justify the cost of hiring an experienced, full time person. For this reason, many turn to local agents or someone who used to be “in the business” for advice. While local agents have the best of intentions, and in most circumstances the knowledge to assist; there is still the problem of conflict of interest. In some instances, it can prevent that agent from bidding and losing possible revenue. In many cases, though, the public entity simply assigns the task to someone in their administration department. This person could realistically be much more productive doing things they were more qualified and motivated to do.

The insurance industry is so complex and ever changing that what was good advice last year or even last month could cause serious problems for the entity if applied to a current situation. This is why it is a good idea to have someone who is still plugged in to the heartbeat of the industry. You may be asking why you need to know this. The answer is simple. Stability. When an election occurs, things change. Someone must consistently be aware of the current insurance program and it’s history. For forty two-years, ESP has been a friend to public entities. As each states’ economy has expanded, local governments’ insurance programs have grown in complexity and cost. ESP has been there for all of it.

Mr. Shupe purchased the company from its original founder in 1988 with seven clients. Today we assist in the management of more than twenty-five public entity insurance programs. These clients range in size from 17 employees up to 4,000. ESP also is responsible for approximately $9,000,000,000 in property replacement cost values of roughly 180 other public entities in Tennessee and over 25,000 insured lives. To protect the integrity of the company, the current President, Mr. Bob Shupe, has held to the principle that the company would never be allowed to grow beyond its ability to serve its clients. It is for that reason that ESP has kept pace with technology and education for its staff. We believe there are no short cuts to this process. We, as do our clients, know it will save you money and give you piece of mind about all of your insurance programs. Contact us today!

Specific Services Offered By ESP:

Employee Benefit Plans

    Employees

  1. Analyze existing Employee Benefit Plans, making recommendations for appropriate changes and assist in implementing those changes.
  2. Develop Medical Plan Benefits, utilizing Cost Control features; yet, providing High Quality, Cost effective, Health Care Coverage.
  3. Advise of the appropriateness of being fully insured, self-funded, or installation of HRA/HSA Accounts.
  4. Develop plan documents as required and prepare Electronic Bid Specifications or Request for Proposals. We will secure proposals direct from insurance providers, Third Party Administrators or through insurance agencies.
  5. Analyze proposals and make recommendations.
  6. Communicate Plan Benefits to employees by coordinating educational meetings with the employees and the providers/claim payers and network representatives.
  7. Analyze claims paid reports and make recommendations to correct mid-year problems.
  8. Negotiate renewals in off years.
  9. Secure answers to any questions regarding insurance coverage or claims.
  10. Assist the client in preparing amendments.
  11. Maintain insurance records and policies for seven years.
  12. Provide access to on-line Human resource material through your own portal using HR360.
  13. Monitor Affordable Care Act (ACA) regulations and advise on compliance.
  14. Work with State and Federal Government to protect the client’s best interests.

Property & Casualty Insurance

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  1. Inspect all property and determine the estimated replacement value using industry standard software.
  2. Update limits of liability and property values annually to assure adequate insurance coverage based on the initial on-site visits, as well as any others needed when locations are altered.
  3. Develop Electronic Bid Specifications or Request for Proposals covering all property & Casualty exposures.
  4. Analyze the existing property & casualty insurance program, making recommendations for appropriate changes, and assisting in the implementation of those changes.
  5. Analyze Bids and Request for Proposals producing a summary report including the financial stability of each company or pool who submits a quote.
  6. Ongoing assistance in risk management programs, including review of insurance policies, invoices, audits and related insurance correspondence and request for information.
  7. Secure answers to any questions regarding insurance coverage or claims.
  8. Periodically review your risk management programs and make recommendations as to where changes appear appropriate.
  9. Negotiate renewals in off years.
  10. Review insurance company inspection reports and loss control recommendations.
  11. Maintain insurance records and policies for seven years.
  12. Work with State and Federal Government to protect the client’s best interests.