Risk Management

Risk Management is the process that looks beyond the price of insurance. The success of our clients is greatest when risk is managed as a process rather than a singular transaction. When clients participate in the Risk Management process there is a transition to recognizing costs outside of the insurance portfolio and application of resources to control the total cost of risk to the organization.

The Process
– Identification
– Qualify & Quantify
– Reduce or Control
– Finance with Cash or Insurance
– Implement, Monitor & Adjust Accordingly

The Basic Tenets
– Don’t retain more than you can afford to lose
– Don’t risk a lot for a little
– Consider the odds
– Don’t treat insurance as a substitute for loss control

Indirect Costs of Having a Loss
– Loss of Productivity
– Cost of Overtime
– Opportunity Costs
– Morale & Public Relations

One of the most common mistakes made by companies is the assumption that just because a specific type of insurance coverage is not required, the risk does not exist. In most cases, the risk does exist. It’s just a matter of whether the coverage for the risk is provided by an insurance policy or cash. Let us show you how we can protect and even improve your bottom line.

The Risk Management Process:

Risk Management Process