Any business owner knows that sound risk management provides a foundation on which to stack all other operation strategies — and a great way to reduce accidents and injuries and lower your Workers Comp premiums.
Because this is such an important topic, here are the seven essential benefits of a risk management program, according to The National Alliance for Insurance Education & Research:
- Reduced cost of accidents
- Providing adequate protection
- Economy of operations
- Integration of safety plans
- Reduced risk of criminal liability
- Ability to plan and budget more effectively
- A clearer focus on the big picture
If you hire someone to oversee risk management, the Alliance recommends that they:
- Develop and communicate risk-management policies
- Prepare recommendations and reports
- Conduct risk-identification surveys
- Analyze and measure exposures
- Review leases and contracts
- Coordinate compliance with regulations
- Implement risk-control programs
- Investigate accidents
- Manage claims and litigation
- Arrange risk financing (including insurance); establish retention programs
- Determine and allocate cost of risk
- Monitor results
Our agency would be happy to review your risk management program at your earliest convenience and recommend precautions that can help keep Comp premiums under control.
