This is the fourth instalment 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.


16. Implement and follow formal written policies

Policies and procedures are a very effective way to defend against claims and lawsuits. Policies must be strictly followed to be effective. 

17. Transfer risk by using waivers and hold harmless agreements

The legal effect varies, and there are no guarantees, but if properly worded, these can deflect and transfer liability. Always get legal advice on the wording of waivers and hold harmless agreements.


18. Develop and implement a Business Continuity Plan (BCP)

A well-thought-out and practiced BCP will greatly improve the odds that your business will survive a catastrophe or shutdown. Free industry specific business continuity procedures are available through ClearRisk.


19. Keep all old insurance policies and certificates

Policies and certificates are your proof that coverage existed. They are very valuable; some losses aren’t discovered for many years after they occur.


20. Sell yourself to your insurer at every opportunity

Most businesses have positive attributes that are not known by their insurer. Many have policies, procedures, practices and other features that insurers would look upon favourably, if they were aware of them. So don’t keep them to yourself, use them to your advantage! Through ClearRisk, you can print a formal risk management plan to easily show your insurer how you are protecting your assets though risk mitigation. 

Although insurance and claims represent a large percentage of a business's expenses, many business owners know very little about the area. You don't have to simply accept it and pay the bill, you can do something to downsize your risk and save money! My hope is that these risk management tips will educate business owners on how to reduce their risk-related costs.

These tips and more are covered in the full risk management eBook, “Insurance Premiums Are Killing My Business." For more information on ClearRisk's system, 

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