If you've never formally managed risk before, starting can be a daunting process. However, it's likely that you're already using strategies throughout the business. These 25 tips are simple to implement in your insurance process and will help you lower costs and better manage risk.
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.