When something goes wrong in your organization, do you have a method to keep track of it? Will all the relevant details be recorded, ensuring that you are protected from legal liability? Whether reporting an employee or customer injury, a defective product, property damage, or any other type of incident, it is extremely important for a business to be able to easily and efficiently create incident reports. For best results, draft a template and use it consistently so that all incidents will have the same level of data and detail.
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You’ve successfully identified the risks that are facing your organization. (If you’re just joining us, check out our blog post from last week!) But now what? Risk management isn’t just about figuring out what risks there are: you have to know what to do about them and create a thorough plan for staying on top.
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Whether you realize it or not, you’re probably employing some kind of risk management in your organization already. As you conduct business, you develop procedures over time to make sure things don’t go wrong. Conducting a risk management plan is simply about formalizing that process and being able to devote your resources more effectively.
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Wholesalers, like their retail counterparts, incur many risks while purchasing inventory from manufacturers and selling it to their customers. However, there are some special considerations that a wholesaler must make. If you are in this business, here are some issues you must be aware of and ready for:
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As a business owner, it is vital to ensure that you are properly covered in case anything goes wrong with your operations. As a retailer, you must be prepared for theft, liability claims, and accidents. But how much insurance do you really need? How much should your average payout be, and how often should these incidents really be occurring? Take a look to see how your business compares to retailer averages.
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As a manufacturer, have you considered what could happen if something goes wrong in your production line? What if a defective product leaves your factory doors and makes its way to a consumer? Do you know what types of warnings and labels you are responsible for? Your work does not end when your product leaves in a shipment. Liability risk management extends so much further. Consider these common claims:
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True to the peak of hurricane season, Hurricane Harvey has just causedan estimated $50 billion (or more) in damagesin Texas, while Hurricane Irma's wrath and financial loss will be determined in the coming days and weeks. While the main concern for everyone is their safety, the safety of their loved ones and of their homes, businesses can be impacted just as forcefully from such powerful storms. Lack of preparations can cost business owners thousands or even millions of dollars in damages. There are many things you can do to prepare your business for storms, so you can focus on the safety of more important aspects of your life until all is calm again.
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Vehicle inspections are critical in not only ensuring that a driver of a company vehicle is safe, but that other drivers are safe as well. Negligence of vehicle inspections and maintenance could have dire consequences for a company in the event of an accidents. This post outlines daily, monthly, quarterly, and semi-annual fleet vehicle inspection procedures that protect companies from the risks imposed by uninspected vehicles.
The City of Saint John New Brunswick has done some incredible things when it comes to Risk Management including saving the city hundreds of thousands of dollars in claims costs annually. Before 2013, like many municipalities, Saint John was experiencing multiple issues in managing its risk and insurance data. With the number of claims and incidents on the rise year over year, they knew they needed to do something to take control of the situation. Enter ClearRisk.
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Effective Risk Management is crucial to the success (and survival) of any organization. Traditionally, incidents and claims within an organization have been stored in file folders or excel spreadsheets. With this process there is little to no automation, a lot of duplication and limited ability to predict and mitigate future losses based on past trends. With the number of reported claims and near miss incidents on the rise, should your organization evaluate its current process?
Answer these six questions to see if it's time for your organization to consider an upgrade:
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