Operating any size business whether it be a small local shop to a large retailer can be costly. Your business could end up having to close its doors as a result of having to pay out the cost of an insurance claim. As a retailer it is essential to both be aware and prepare for the biggest types of insurance claims facing your industry.
Risk Management Blog - ClearRisk
Next to controls, the single most effective way to prevent fraud is to create an environment that is fraud-resistant. It is possible to limit opportunities for fraud before they impact your organization by identifying unacceptable practices and advocating stringent consequences for offenders.
The risks that impact the supply chain of manufacturers is continuously growing and changing. The supply chain is vulnerable to countless risks such as supplier relationships, manufacturing processes, shipment of finished products, and many more. When conducting a risk management plan for your business there are many major risk factors to be considered that are completely out of your control.
Loss control is a management priority whether a fleet is large or small. A Fleet Loss Prevention Program can decrease insurance claims and help mitigate the frequency and severity of future losses. Often the other tangible and intangible benefits of these types of programs can be overlooked, but are just as valuable to your company!
Topics: risk mitigation plan, Risk Management Software, incident management software, claims management software, Benefits of Fleet Loss Prevention, Fleet Loss Prevention Program, Loss Prevention ROI, municipal fleet management, Sample Fleet Loss Prevention Program, lower insurance costs
It’s important to have a plan in case of an emergency such as a fire, natural disaster, vandalism, or other situation that could disrupt productivity or cease operations. These plans can save a business if executed properly.Such disasters can potentially leave a business struggling to fulfill promises to customers, leading to further financial and reputational damage in the future. It is imperative to implement a plan for those essential services, minimize business losses and reduce impact on your customers.
Every business that owns, rents or is otherwise responsible for property, owes a duty of care to every person that enters those premises. The area of law that is concerned with this responsibility is occupier’s liability.
Being found negligent as an occupier can have extensive repercussions on a business. This can include the financial burden of being held responsible for a claims expenses, to the reputational risk and negative publicity associated with an incident occurring on your premises. To limit these occurences, it’s essential for organizations to take necessary precautions that will help mitigate the frequency and severity of future events.
Topics: risk management plan, operational risk management software, legal risk, risk management, retail risk management, manufacturing risk management, incident management software, risk management information system, claims management software, wholesale risk management, occupier's liability
Allianz Insurance just released its list of top global Business risks for 2017 from a recent survey, and it broke it down by region, including Canada.
It's interesting to see that more "traditional" risks such as business interruption, market risks and natural disasters are once again on top of the list.
With all that's going on in the world with emerging technology (self driving cars, drones) and cyber-risk (phishing, cyber ransom), it's very surprising to see those risks much lower on the list. Perhaps technology risks have become less novel, and are more baked into the thinking of business executives. This can be good and bad. It's good to be realistic about the likelihood and impact of emerging risks, but it's not so good to be complacent just because you may not understand a risk.
All manufacturers carry a duty of care in providing consumer products that are safe for its intended use. If an incident occurs, establishing who is at fault can be a long, tiresome, and expensive process. That’s why it’s important to ensure your organization is taking all necessary precautions throughout the entire manufacturing lifecycle. A comprehensive understanding of what you can do to reduce your liability is an essential step towards building a stable financial plan.
Topics: legal risk, product liability, manufacturing risk management, manufacturing product liability, manufacturing EHS, manufacturing process management, duty of care liability, incident tracking, manufacturing claims management, manufacturing incident management, product design liability, manufacturing duty of care, commercial product liability
Slips, trips, and falls are a common cause of liability claims affecting organizations. These occurrences can range from minor incidents to major claims that can involve multi-million dollar lawsuits. It’s unlikely to completely avoid these types of potential accidents, but it is possible to take precautions that will help in reducing the frequency and severity in case of an event.
Topics: risk management, slips trips and falls, Claims Management, Retail Claims Management, EHS, injury claim, injury claims, Environmental Health and Safety, health and safety, environmental risk management
EHS: Two Sides to One Coin
Having a comprehensive plan in place for ensuring employee safety in a manufacturing facility can be daunting. Your locations may provide high probability for employee injury. When constructing a plan to deal with hazards, it’s troublesome to think that a potential risk has been overlooked. That’s why we've assembled this comprehensive environmental health and safety checklist - so EHS Managers like you can use it when reviewing your own documents.
There are two main areas to consider when checking your safety protocols for gaps: the physical space where the work is taking place, and those performing the task.