RiskSmart Solutions® | Risk and Insurance Management Services

Risk Management Strategies – A Brief Summary

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	Operations/ Site	Products/ Services	HR	IT	Contracts	Insurance
Key Issues	Safety, training & tailgates, IIPP, OSHA regulations	Quality & reputation: What do your customers expect?	Forms and files – what's kept and what's not	Hardware, software, inventories & security	Leases; sales, service & vendor agreements	Misunderstandings/ errors in deductibles, limits, insured
Examples of What Can Go Wrong	Supply sources; vendor liability; lease/ zoning responsibilities; embezzlement	Delivery channels; sales & vendor agreements; goods in transit	Workers' Comp; job descriptions; benefits management	Backups & off-site location; testing; readable copies of critical data/ contacts	Insurance-related responsibilities: are you in breach?	Misunderstandings of coverages vs. exclusions; Overlooked key exposures
Pay Attention to these Specifics and Tools	Site hazards: Flammables Extinguishers & sprinkler tests First Aid, clinics Equipment guarding, limits & values, replacement times Dangers to third parties	Consider: Intellectual property & trade secrets Work by independent contractors Promises by marketing/ website Cross-training & process documentation	Awareness of key liabilities: Employment Practices: harassment & discrimination Performance management Leaves, notices Injuries	Problem areas: Private data – employees/ customers Liability for viruses, data loss, identity theft Testing contingency plans	Problem clauses include: Indemnification "Best efforts" Legal venue ADR Time is of the Essence Copyright, Non-Disclosure	Exposures that can be completely missed: Foreign product liability or travel Cyber liability Full replacement cost Contractual liability Non-owned auto
To Do ~	Hazard & loss-control assessments/ inspections	Annual review & updates – expertise & objectivity	Annual review of all areas including insurance	Annual updates, testing, security audits	Legal & insurance review every time	Timely, planned renewal meetings and full coverage reviews

Notes:
- Prevention, Contingency Plans and Crisis Management can be crucial to survival because insurance won't pay for everything.
- Businesses are particularly vulnerable in times of change: merger or acquisition; new product, new service or territory; influx of new staff; turnover, death or disability of key people; lawsuit or other "distraction."
- Conducting a periodic Risk Assessment can uncover what you don't know, and might also change your thinking about what you thought was true and no longer is.

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