Insurance Risk Management Consulting Tip #2
Tip #2 – Tolerance for Risk
Two important tenets of risk management:
- Don’t risk more than you can afford to lose. and
- Don’t risk a lot for a little.
Insurance Risk Management Consulting Tip #1
Risk Tip #1 – Safety Awareness
No matter what your business is it is important to keep yourself, employees and those working with your organization informed of safety issues.
Insurance Risk Management Consulting Tipp Series
Over the next two weeks, we’re going to be publishing an article series called The Insurance Risk Management Tip series. In it we’ll be offering free advice to help you with your risk management needs, as well as providing some background and information that you can use to help you determine what your options are.
Executive’s Guide to Risk Management and Insurance – Reduce The Risk/Boost Your Bottom Line.
This guide was written for the astute executive, CEO, CFO, Controller, COO, VP, Board Member or Business Owner, who appreciates the complexity and importance of insurance issues and who wants to realize all the profit-boosting potential the right decisions afford the company.
Total Cost of Risk & Our Approach
Manage Cost of Risk, Control Price:
Every facet of your organization affects your cost of risk. It is difficult, at best, to quantify all aspects of this total cost of risk. For example, if you manufacture specialty equipment or products and you are faced with a recall, what is your loss of reputation or market share? In contrast, other components of your total cost of risk are easily quantifiable, such as insurance premiums, or the downtime of a custom piece of machinery and the resulting lost production.
Total cost of risk is an insurance term describing the cost of both pure and speculative risk. Additionally, cost of risk is synonymous with price — the price of your risk management program. We at Premier Risk Management take a total cost of risk approach to positively affect your price. Read more