Risk management is attempting to identify and then manage threats that could severely impact or bring down your business. Generally, this involves reviewing operations of the business, identifying potential threats and the likelihood of their occurrence, and then taking appropriate actions to address the most likely threats.
Traditionally, risk management was thought of as mostly a matter of getting the right insurance. Insurance coverage usually came in rather standard packages, so people tended not to take risk management seriously. However, this impression of risk management has changed dramatically. With the recent increase in rules and regulations, employee-related lawsuits and reliance on key resources, risk management is becoming a management practice that is every bit as important as financial or facilities management.
At Smith Insurance we provide you with the tools to protect your business and your employees.
Some of Our Risk Management Services
- Onsite visits to assess any high hazard risk exposures
- Recommendations for property loss prevention and suggestions for reducing liability exposure including reviewing vendor contracts
- Providing in-depth analysis of loss experience including causation and other trends such as frequency and severity.
- Reviewing written safety, health, and wellness programs and assisting with the set up of Worker’s Compensation Safety Committees.
- Working with our client’s lenders to ensure adequate insurance is in place. This includes an in-depth review of mortgagee requirements, obtaining the proper insurance, and pushing back on any excessive coverage that could cost our clients unnecessary premium.
- Providing insurance education and risk management seminars to our clients and their staff.