Any business owner knows that sound risk management provides a foundation on which to base all other operation strategies — and a great way to reduce accidents and injuries and lower its Comp premiums.
Because this is such an important topic, here are the seven essential benefits of a risk management program, as detailed by The National Alliance for Insurance Education & Research:
- Reduced cost of accidents
- Providing adequate protection
- Economy of operations
- Integration of safety plans
- Reduced risk of criminal liability
- Ability to plan and budget more effectively
- A clearer focus on the big picture
If you hire someone to oversee risk management within your company, the Alliance recommends that they: Develop and communicate risk-management policies; prepare recommendations and reports; conduct risk-identification surveys; analyze and measure exposures; review leases and contracts; coordinate compliance with regulations; implement risk-control programs; investigate accidents; manage claims and litigation; arrange risk financing (including insurance); establish retention programs; determine and allocate cost of risk; and monitor results.
This is only one perspective on risk management. We’d like to review your company’s risk management program, as well as your Workers Comp coverage, at your earliest convenience.