6 ways risk management helps address business risks

6 ways risk management helps address business risks

| August 31, 2021

Business insurance helps protect you and your organization when things go wrong. But what if you could get help identifying and addressing your business’s unique risks before something happens?

Many insurance companies provide risk management services performed by a team of professional risk management and business consultants who are trained to help identify potential business risks and develop solutions. And, if you’re a policyholder, this service may be available to you at no additional cost.

Here are six ways risk management helps businesses address risks:

1. Business and operational risk assessments.

Whether done virtually or on-site, risk management consultants can help evaluate your organization’s exposure to loss. This risk evaluation is the cornerstone of a risk improvement plan. It might include assessing your business’s operational activities, identifying potential exposures, accident investigation audits and loss analysis, sprinkler plan reviews, building evaluations, and reviewing existing safeguards and safety programs.

2. Developing a workplace safety program.

Once the risk assessment is complete, then it’s time to develop a plan of action to resolve or correct any uncontrolled hazards that were discovered. This plan will help you reduce risk and the probability of having a loss. Risk management consultants can help you develop a safety plan and program, including self-inspection programs.

3. Driver safety training.

When you have employees on the road, your business’s risk increases. So, it’s important to take special precautions. Risk management consultants can provide training on defensive driving and fleet safety.

4. Workplace safety training.

Depending on your business needs, a risk management consultant may recommend and offer workplace safety training courses, such as OSHA training, job-site training, property conservation and safety committee training.

5. Return-to-work programs.

This is an important part of any workers’ compensation program. Along with your risk management consultant, a workers’ compensation claims professional can help you with your return-to-work program, as well as help you identify and address your workers’ compensation exposures.

6. Business continuity planning.

It’s also a smart idea to have a plan in place for handling potential business disruptions, such as a major technology outage or equipment breakdown, supply chain disruption or the loss of a building. Risk management services can help you develop a plan to keep your business running.