The Best Risk Management Strategies

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How can you avoid having to deal with claims? Risk management. In fact, good risk management strategies will keep your rates low, allow you to secure the best terms/coverage and, if you are a business, will even attract more customers to your business because it will be indicative of a well-run company!

Below are several ideas for risk management strategies you can implement right away.

    1. Loss Prevention – Think about areas your personal or business assets may be exposed and then consider ways to protect them, other than buying insurance. For example, in your home it may be prudent to trim back limbs from a large water Oak or make sure your smoke detectors and carbon monoxide detectors work. In your business, perhaps you can improve your Safety Program to keep your employees and/or customers from being injured (physically or financially) – At Shields Insurance, we have tons of Loss Prevention tools to offer you, depending on your needs.
    1. Contractual– In your business, it’s important not to overlook the value of a good contract. There are some great attorneys who can advocate and help protect you, but you have to be willing to pay. We view this the same as insurance – you can pay now or pay later, but it costs less to pay now! For personal households, consider a good Estate Planning attorney to help you maintain your Will, Living Will and Power of Attorney. For simpler instances (personal or business), be sure you have always read contracts and agreements before signing. Don’t be afraid to try and renegotiate unfavorable terms.
    1. Training In your business, good employee training, including safety training as it pertains to your Key Job Hazards, is a critical strategy to prevent losses and again, this keeps insurance rates low. Again, we have myriad of tools to provide you and we can easily help you implement some Job Hazard training into your current training programs.

 

Have any questions about these strategies and how to be better prepared for risks you might face? Give us a call! (205) 783-5893.

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