• Risk Management Strategies A Brief Summary


    Are you sure these areas of your business are up-to-date and under control?
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  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:
  • Flammables
  • Extinguishers & sprinkler tests
  • First Aid, clinics
  • Equipment guarding, limits & values, replacement times
  • Dangers to third parties
Consider:
  • Intellectual property & trade secrets
  • Work by independent contractors
  • Promises by marketing/ website
  • Cross-training & process documentation
Awareness of key liabilities:
  • Employment Practices: harassment & discrimination
  • Performance management
  • Leaves, notices
  • Injuries
Problem areas:
  • Private data – employees/ customers
  • Liability for viruses, data loss, identity theft
  • Testing contingency plans
Problem clauses include:
  • Indemnification
  • "Best efforts"
  • Legal venue
  • ADR
  • Time is of the Essence
  • Copyright, Non-Disclosure
Exposures that can be completely missed:
  • Foreign product liability or travel
  • Cyber liability
  • Full replacement cost
  • Contractual liability
  • Non-owned auto
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

  • Notes:

    • 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.



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