This is the third installment of five blog posts that summarize the 25 quick tips from my eBook, “Insurance Premiums Are Killing My Business." This risk management ebook is a great start for small to medium-sized business owners that are curious about starting the risk management planning process.The tips below have been written with small to medium-sized businesses in mind, although the same principles should be employed by very large businesses.
Click here if you want to review risk management tips 1 – 5 before going on. Click here to read risk management tips 6 - 10.
Risk Management Tips 11 - 15
11. Use your broker to help you with the claim process.
Your broker can give you advice on the claims process, act as an advocate for you with your insurance company, and help you compile claim documentation.
12. Risk mapping is an important tool.
It will organize your risks in a way that allows you to identify the more common and serious risks so that you know the areas to which you need to commit resources. Customizable risk maps are available through ClearRisk.
13. Employ risk management techniques in all business decisions.Concentrating on risk management when making business decisions will ensure that risks are factored in before resources are committed.
14. Invest time and money in safety and loss prevention.Insurers look very favorably upon businesses that take safety and loss prevention seriously! This can often result in yearly premium savings, not to mention the savings achieved if losses are prevented.
15. Insurance certificates are an effective method of risk transfer.
Forward requests for insurance certificates to your broker. Ask your broker for advice on both the certificates that you request and the certificates that are requested of you. By employing these risk management tips, you'll be able to dramatically reduce your insurance premiums and risk-related costs.
To further your risk management knowledge, you can download my full eBook “Insurance Premiums Are Killing My Business” for free from the ClearRisk site, along with other helpful Risk Management Whitepapers
Be sure to stay tuned for the remaining 10 tips by subscribing to the ClearRisk blog. To get updates via email, fill in your email in the Subscribe box in the right column.
Has your business ever suffered due to lack of risk management planning? Tell us in the comments below!