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A good risk management plan means cheaper insurance premiums and a better deal for your business.
The reason for insurance is that by taking out insurance it transfers your risk of loss to the insurer, in exchange for a regular premium.
What Affects your Premium?
– Claims History
– Risk Management Practices
If you identify potential hazards in your business, and put a plan of action in place to protect your business against those risks, you will then minimize your risk.
When this is put in place you are less likely to suffer a serious loss in your business, and this allows your insurer to offer you a better deal.
Business Risks typically fall under 3 headings:
1. Health and Safety
Health and safety is ever changing and evolving. The practice of this guarantees that employees have;
– A safe place to work
– Safe work practices
– A safe operating plant and equipment
– Safe access to and from the workplace.
Top 5 Health and Safety Risks
1. Slips, Trips and fall
2. Manual handling injuries
3. Falls from a height
4. Plants and equipment injuries
5. Falling objects
2. Property and Business Interruption
Always remember that your buildings, equipment and stock have to be covered just as much as your work has to be.
Control your Property Risk
Be conscious of the risk factors in;
– The workplace
– Your work processes
– Location of your property
– Your buildings' security and how appealing it is to intruders
Business Interruption
This cover provides for;
– Loss of profit
– increased working costs
– Or if you lose your property due to a massive fire
Top 5 Property and Business Interruption Risks
1. Fire and Smoke losses
2. Security and theft
3. Flooding and storm damage
4. Arson or electrical damage
5. Business failure due to large loss
3. Road Risks
Where are your risks?
– An accident involving your driver delaying delivery, he could have to take time off work also.
– Goods of equipment could have been destroyed in an accident
– If your driver was transporting hazardous substances and crashed it could cause huge environmentalally damaging effects
– Poor driving could also put your company at risk, if your company logo is displayed on the vehicle.
Top 5 Road Risks
1. Poor driving training
2. Poor and unprofessional maintenance on vehicles
3. Unsafe use of mobile phones
4. Speed and inexperienced drivers
5. Unrealistic delivery times
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Source by Mary F Murphy
