2012 Risk Protection Checklist

by Charles T Wilson on January 17, 2012

As you organize your priorities for the New Year here are 7 key Risk and Protection reminders for your checklist. Many of these we know are important, yet they’re often not immediately urgent and so they fall to the bottom of the pile. An annual schedule and planning can be effective in avoiding that last minute panic.

  1. Update asset lists.  Equipment, vehicles, shop & office supplies, computers and software licenses, contact information, and etc. get quickly out of date.   Quarterly reviews can keep these top of mind.  Keep updates off site and secure.
  2. Update values.  Asset values – buildings, equipment, inventory, etc. – can vary by season or new project and from normal inflation.  Don’t get caught short in the event of a loss.  Review quarterly with your lists above and advise your broker if you need increases.  If you can’t get these done, schedule “project steps” and perhaps a summer or holiday intern to help out.
  3. Schedule key dates.  Keep track of renewal dates for licenses, leases, service contracts, insurance, certifications, website URLs, etc. on several people’s calendars.  Add notes about who else needs a “heads up” to be involved.
  4. Insurance protections.  Meet with your insurance professional at least once outside of the “renewal” period.  Ask about new trends in legal, coverage, and insurance rates.  Talk about changes to your business and find out the “hot” topics that need your attention.  Then block out time for renewal applications and benefit program updates, communication and enrollments.
  5. Safety.  This can be key to employee morale, customer loyalty and your business survival.  Make sure your IIPP (Injury and Illness Prevention Plan) is up to date as required by California law.  Schedule regular Safety Committee meetings, and get the right equipment (PPEs).  Ask your insurance broker about free insurance company services and inspections.  Also get locations of emergency medical clinics nearest you and your work sites: each employee should have an appropriate list immediately accessible.
  6. HR issues and Training.   Plan for employee manual updates, new policies and updated legal postings.  Schedule employee group discussions and reminders about expectations and rules.  Plan for safety training and defensive driving, equipment certifications, harassment and discrimination courses, and etc.  The right training, in advance, can save businesses huge hassle and headaches.
  7. Update Emergency plans.  These “be ready” plans need review and updates.  Ensure that you have the basic supplies appropriate to your location and potential circumstances.  Encourage employees to have their own supplies and some family plans as well.  Contact info must be accessible to all.

 

Finally, think about the big picture: who are the key people you depend on to be responsible for coordinating your overall Risk and Protection program?  Do they clearly understand your priorities and expectations?  Make sure you are delegating with knowledge and oversight and not abdicating without paying attention.

 

Call with any questions or comments – there’s never an obligation for brainstorming!

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Suicide Prevention

by Charles T. Wilson on December 2, 2011

Sometimes I think I’m in the suicide prevention business.  Clients get so frustrated when a “simple” question (yes, simple to them) addressed to their insurance broker elicits a complex, jargon-filled, fearful response.

The client can only gnash their teeth and reach for the aspirin – they have no idea what else to do.  Fortunately, a savvy intervention can produce much better results.

Some examples ~

1.  A contractor emailed their broker with the insurance requirements for a new small project – this is a recommended RiskSmart procedure.  The contractor’s client required an extension of coverage on the liability policy.  The broker responded almost immediately with how this would be “hard,” require loads of additional documentation, and incur a substantial additional premium.

A phone call to the broker was the needed stimulus: a few guiding questions, two easy bits of additional information, and some encouragement to call the insurance company to get some options. 

That phone call resulted in the exact extension my client needed and an additional premium cost of only $150.

2.  A high-tech start-up had several conversations with an Employee Benefits insurance broker trying to get Health insurance options and understandable explanations.  All they got were reasons why this was “hard” and expensive, that they were too small, and options would be few or non-existent.

A face-to-face meeting with the brokerage principal was the needed intervention: we were able to move the conversation to another level, get “translations” of the jargon and simplify the options. 

The client got really good benefit plan choices including an “impossible” 401(k) plan, some significant and affordable service commitments, and a great overall solution for their recruitment program.

It’s amazing that these “insolvable” problems happen all the time.  And the average business executive has no clue how to get unstuck.

I am continually surprised by how these simple issues become “big” problems, and by how, with a little brainstorming and encouragement, the solutions really aren’t difficult at all.

Got an impossible problem?  Join the conversation below or give me a no-obligation call.  I’m always glad to brainstorm some RiskSmart solutions!

 

 

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Got Docs?

November 7, 2011

Saving, protecting, sorting, archiving and eventually destroying documents can be a full-time job!  Today’s email, instant messages, ezines, paper files, contracts, accounting and employee information, insurance policies and general information overload, clog computers and spill off desks and out of file cabinets. A document retention plan can be the answer.  It can specify what gets [...]

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Business Succession Planning

October 14, 2011

John Latta, a very knowledgeable and experienced consulting colleague, has prepared an in-depth discussion of business succession planning for both business ownership and business management – two different areas requiring different plans. I recommend “Business Succession Planning – A Short Course” if you, or others you know, need practical, understandable guidance in this critical area. [...]

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Checklists are a Risk Manager’s best friend

October 10, 2011

Many clients ask me, “What’s a risk management checklist?”  We then list the ways they can be used throughout daily business operations and how they provide loss prevention and mitigation to a wide variety of situations: Office or store opening and closing procedures – don’t forget the little stuff! Emergency medical situations – providing correct [...]

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