Cost Reduction Strategies
Cost Reduction Strategies: Identification of Exposures, Property Exposures:
We know from speaking with clients that one their biggest concerns regards the identification of property exposures and risk. Some of the first questions out of the box might be “are we carrying too much insurance, too little?”; “Have we identified all of the exposures?”
Insurance Risk Management Consulting Tip #9 – Review Your Contracts
Insurance Risk Management Tip #9 – Review Your Contracts
Review your contracts such as leases, purchase agreements and services contracts.
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