A Common Insurance Risk Management Question: What Is Risk Management?
What is “Risk Management”?
Let’s take a more specific look at what exactly risk management is about. Searching the literature I find a number of definitions. Here are a few I think focus your thinking: Read more
Insurance Risk Management Consulting News Watch
Here are a couple of current news stories on Insurance and Risk Management. The publication is in bold, the titles of each follow as a hyperlink to the full story, and we end with a quote that will hopefully help you decide whether you need to skim the whole article at the original source.
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 #11
Insurance Risk Management Tip #11 – Loss Control
Pay more attention to loss control.
Risk management is all about reducing and mitigating the exposure to risk which in turn reduces costs. Unfortunately we see many companies are not as focused on loss control measures until it is too late. An employee is injured, a fire occurs, an invitee trips and falls. Most of the time with smaller to medium sized companies it is the insurance carrier loss control representatives who point out potential hazards.
Insurance Risk Management Consulting Tip #10
Insurance Risk Management Tip #10 – Importance of Insurance Due Diligence
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