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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Warehouses in North America incur about $500,000 in losses every eleven days due to unforeseen risks. When business operations include the use of warehouses you should find yourself asking, “what are the risks that I need to be aware of and how I can lower the probability of a loss occurring?” If you're not fully aware of the risks that pose the greatest threats to your warehouse, your organization is vulnerable to millions of dollars in potential losses.
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Have you ever considered what would happen to your organization if a fire were to occur? How would operations be affected? Every year, fire is the cause of approximately $400 million in damages to Canadian businesses. It is imperative that your organization has a plan in place to minimize the likelihood and impact of a fire occurring. Continue reading to learn about the 5 actionable strategies that organizations can use to mitigate fire related risk.
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In Canada, bodily exertion and contact with objects and equipment are the top two events that cause employees to miss work. Risk assessments can be used to protect both the safety of the employees and the security of the business or organization. In industries where heavy machinery and intense labor are required, it's important to take extra measures to thoroughly manage the risks that can put employees in danger.
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