Why Should I Invest in Effective Risk Management
Effective risk management activities create value and should be an integral part of the decision-making process. How does risk management impact your bottom line?
- Opportunity for better pricing on insurance premiums
- Saves out-of-pocket costs like deductibles
- Ensures a safe and stable environment for employees, volunteers, and customers
- Helps you understand and be prepared for risks before losses occur
Does Your Business Analyze Risks Before They Become A Problem?
Many businesses mistakenly believe that they only have to worry about risk management after an incident, but the truth is you can start saving now by implementing safety and risk evaluation programs.
Our business insurance advisors can provide you with guides, workplace policies, and other resources so you can protect your bottom line right now.
Does Your Business Have Risk Management Programs In Place?
Even the most forward-thinking businesses experience losses, so it’s important to be ready with risk management programs and response plans.
The team at Blue Lion Insurance Advisors, LLC can help you prepare your workplace so you’re ready to respond to a variety of scenarios as well. Make sure you’re covered for worst-case scenarios.
Are You Taking The Proper Steps To Keep Your Employees And Business Safe?
Creating a culture of safety in the workplace is key to keeping your employees safe and productive. Our library of documents includes employee-facing articles, safety manuals, and other materials that can help you ensure your business’s safety.
The experienced advisors at Blue Lion Insurance Advisors, LLC have a variety of resources to help you build an effective risk management program.
What Are Effective Risk Management Strategies?
Risk Avoidance
Can you eliminate a service or activity considered too risky?
- Eliminate activities that involve risk
- Avoid creating activities that involve risk
- Relatively extreme approach
Risk Transfer
Can we transfer either the risk or financial consequences of a loss to another party?
- Insurance policies
- Indemnification agreements
- Releases and waivers
Risk Retention
Accept the risk as it is – some risk is inherent in the activities of the operation.
- Self-insurance
- Deductibles
- Deciding not to purchase an insurance policy for a specific exposure
Mitigation or Prevention
What steps can be taken to reduce the likelihood of losses occurring or lessen the impact of losses should they occur?
Manage liability by structuring activities and programs in ways that reduce or limit institutional risk
Loss Control & Claims
Our Advisors can provide or supplement loss prevention and claims management services to our clients. Depending on the exposures presented by an individual client’s business operations and their in-house resources, this can vary dramatically.
In some cases, our clients have sophisticated Safety Programs in place and we supplement the program as needed. In other cases, Blue Lion will develop the Safety Programs from the ground up and then assist in their implementation. Claims Management services may also vary widely depending on the frequency and severity of claims and the in-house support our clients may have available.
The next step is easy!
Call us today at (732) 649-1600 to learn how our risk management advisors could get you the right Risk Management Services at the right price. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information.