Many companies do not keep claims information internally. They simply defer this record-keeping process to their insurance provider. However, there are several benefits to tracking this data in-house. While it may be a bit of an adjustment at the start, you will quickly see a return on your investment as your risk management department and your organization as a whole benefits.
Risk Management Blog - ClearRisk
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:
Topics: Risk Management Software, incident report, Claims Management, risk manager, high deductibles, claims software, risk trending report, automated incident report, incident reporting software, software for risk management, data management, lower claims cost
Does your organization have a process and program enabled to easily report on near misses? Are corrective actions being implemented to lower the frequency and severity of future occurrences? Are employees risk sensitive? A near miss is an unplanned event that did not result in injury or damage - but had the potential to do so. When only reporting claims and omitting near misses, your organization is not getting the full picture of potential hazards.
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.
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
Top 10 Retail Risk Management TipsIn our recently released “Top 10 Risk Management Tips for Retailers”, we looked at som the common challenges and risks facing risk managers in the retail industry, and the top 10 tipsto combat this challenges. With the volatility of today’sfinancial envir onment, increase in natural disasters, and explosion of technology, it is extremely difficult to narrow it down to just 10 tips. But as any risk manager would triage his or her organization’s risks, we triaged our list as well.
Below you will find a sample of two of the tips from our list.