Risk management and loss control are critical mechanisms for business owners, across all industries, who want to protect themselves, their employees, and their businesses from harm.
A risk management process can play a huge role in how many businesses conduct themselves and how they go about choosing a commercial insurance policy. Undergoing a full risk assessment can help you understand your potential risks and ultimately help you determine the type and scope of insurance plans that are best suited for your business.
Insurance plans, in and of themselves, fall under the umbrella of risk management services, but there’s so much more to it than that, as not all insurance plans are created equally. Simply choosing an insurance plan that looks good on paper and then calling it a day is not an effective risk management solution. Rather, by making a targeted effort to understand your specific business risks, you will better position yourself to make a more informed decision regarding the types of policies that will provide the most appropriate coverage and protections for your business.
Risk management begins, first and foremost, by identifying the specific risks faced by your business in your day-to-day operations. These may include:
- Physical risks – This includes anything that could happen to your business’s physical location, including fires and explosions.
- Hazardous material risks – This is most prevalent in businesses that deal regularly with hazardous materials such as acid, gas, toxic fumes, toxic dust or filings, and poisonous liquids or waste, or in places where these materials may pose a risk for spills or other accidents.
- Location risks – Are you located in an area that is prone to nearby fires, floods, hurricanes, tornados, earthquakes, or other natural disasters?
- Human risks – This applies to a fairly wide array of risks, including employees who may come to work intoxicated and pose a threat to themselves or others; individuals who may seek to embezzle or defraud you; and, as inevitable as it may be, employees who get ill or injured and have to take time off from work, ultimately affecting your productivity.
- Technology risks – How will you be affected if the power goes out? What if it comes back on and surges? Are your devices protected?
Risk management plans
At Hanson & Ryan, we can help you build the foundation for your business’s risk management solutions by working alongside you to identify any of the risk factors mentioned above and then setting you up with the appropriate insurance options to protect you in the case of a disaster. Our insurance offerings include liability insurance, property insurance, auto insurance, worker’s compensation and more.