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.
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.
In 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 environment, 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.
The following blog post is from a guest blogger, Amy Wilkins. Amy writes about business, finance & more at businessinsurance.org.
Take Time to Save Time
In Stephen King's book, "The Langoliers", time stands still for some unlucky airplane passengers desperately trying to stay one step ahead of hideous creatures that devour the past. That's exactly how it can feel trying to stay on top of your business workload. But the solution lies in the business paradox, "It takes time to save time." Taking time for the following tasks will keep you ahead of the game.
Mid-market is the most profitable and coveted segment, and therefore the most fiercely competed over. Medium-sized companies have the same problems as Fortune 500 companies, just on a smaller scale. The problem lies in risk solutions; these solutions don't scale and small companies are unsure of where they can turn for help. As a result, medium-sized businesses do not benefit fully from risk management.
Insurance brokers deal with these companies every day, sharing advice on one important aspect of risk: their insurance. Brokers specialize in helping these same companies use broader risk management resources, tools, and services. If the brokers do not provide risk management services, others will: accountants, lawyers, and OHS and WCC consultants. Insurance brokers should talk to their clients and prospects about risk management in a way they understand. Here are 8 points every insurance broker should discuss with their client:
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.
Kit Merker has been in technical and management roles for over a decade, doing everything from project management, coding, design, testing, and running a service. He currently works at Microsoft as a Developer Evangelist. Kit Merker has a blog dedicated to preparing for software disasters. Be sure to follow Kit on Twitter after reading his guest blog post below!
It's a normal human tendency to stay optimistic and believe that you are immune from disaster. We say, "that'll happen to other people, I'll hope for the best and focus on my day-to-day activities."
But, as I say probably too frequently, hope is not a strategy.
Imagine if a disaster hit and you sustained serious downtime, got hacked, or lost data your customers needed. The results would be disastrous for your reputation and could mean the end of your business. You'd be kicking yourself for not preparing.
But just like a teenager learning to drive, sometimes getting in an accident helps you learn to operate more safely. The good news is that there are practical things you can do to reduce your risks of software disaster.
Here are 3 things you can do TODAY to reduce your software risks:
1. Create a Crisis Phone Tree
I am a huge fan of lo-fi approaches to dealing with the unknown. This may seem like basic housekeeping, but it will help you handle a crisis much better than having the wrong people or the wrong contact information. When's the last time yours was updated? Also, you could create a simple rotation to designate who is "on call" in a given week to handle anything unexpected. You don't need heavy policy & procedure if you have smart people who are familiar with the software empowered to do the right thing.
We aren’t technically in a recession (that we know of), but it’s not looking good! Troubled economic times make your clients and prospects price shop; that increased competition is the icing on the cake for brokers who are also struggling with the economy. A slight change in approach can go a long way towards growing brokerage revenues and weathering the economic storm.
Our partner Canpro Global has recently merged with King-Reed to create one of Canada’s largest risk management and investigation firm: CKR Global. During this interview, Ken Cahoon, director and managing partner of Canpro Global, discusses the merger with King-Reed and what it means for the risk management industry.
This is the first installment of the Risk Management Interview series on the ClearRisk blog. Over my business trips, I’ve had the opportunity to meet many risk management thought leaders. I decided it would be a great idea to gather the opinions of various risk management and insurance professionals to share on our risk management blog, and so began this series.