Risk Management Strategies – A Brief Summary
Are you sure these areas of your business are up-to-date and under control?
|Operations/ Site||Products/ Services||HR||IT||Contracts||Insurance|
|Key Issues||Safety, training & tailgates, IIPP, OSHA regulations||Quality & reputation: What do your customers expect?||Forms and files – what’s kept and what’s not||Hardware, software, inventories & security||Leases; sales, service & vendor agreements||Misunderstandings/ errors in deductibles, limits, insured|
|Examples of What Can Go Wrong||Supply sources; vendor liability; lease/ zoning responsibilities; embezzlement||Delivery channels; sales & vendor agreements; goods in transit||Workers’ Comp; job descriptions; benefits management||Backups & off-site location; testing; readable copies of critical data/ contacts||Insurance-related responsibilities: are you in breach?||Misunderstandings of coverages vs. exclusions; Overlooked key exposures|
|Pay Attention to these Specifics and Tools||Site hazards:
||Awareness of key liabilities:
||Problem clauses include:
||Exposures that can be completely missed:
|To Do ~||Hazard & loss-control assessments/ inspections||Annual review & updates – expertise & objectivity||Annual review of all areas including insurance||Annual updates, testing, security audits||Legal & insurance review every time||Timely, planned renewal meetings and full coverage reviews|
- Prevention, Contingency Plans and Crisis Management can be crucial to survival because insurance won’t pay for everything.
- Businesses are particularly vulnerable in times of change: merger or acquisition; new product, new service or territory; influx of new staff; turnover, death or disability of key people; lawsuit or other “distraction.”
- Conducting a periodic Risk Assessment can uncover what you don’t know, and might also change your thinking about what you thought was true and no longer is.
Next, go to Risk Self-Assessment