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Risk Management Bulletin


By November 1, 2012No Comments

Any business owner knows that sound risk management provides a foundation on which to stack all other operation strategies — and a great way to reduce accidents and injuries and lower your Workers Comp premiums.

Because this is such an important topic, here are the seven essential benefits of a risk management program, according to The National Alliance for Insurance Education & Research:

  1. Reduced cost of accidents
  2. Providing adequate protection
  3. Economy of operations
  4. Integration of safety plans
  5. Reduced risk of criminal liability
  6. Ability to plan and budget more effectively
  7. A clearer focus on the big picture

If you hire someone to oversee risk management, 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
  • Monitor results

Our agency would be happy to review your risk management program at your earliest convenience and recommend precautions that can help keep Comp premiums under control.