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a division of TRT & Associates, Inc. 
Technology Insurance
  Lawsuit in France.
A software developer is sued in French courts for failing to deliver an operational version of a software system. The plaintiff alleges that the system sold and installed was not compatible with their mainframe systems, despite assurances to the contrary. The plaintiff sues for recovery of consequential damages.
Indemnity Paid: $600,000

Business Risk Management Tips

An insurance company recently listed its top strategies for businesses to manage risk and reduce losses. These include:

  • Complete a comprehensive loss analysis. Learn from the past and put resources where they’re most needed and effective.
  • Identify the true costs of losses, then translate these costs into sales dollars. Use this information to allocate resources to help reduce or eliminate losses.
  • Check web sites, trade literature, loss control professionals, and other resources. Insurance carriers, agents, and trade groups offer potential sources of information and assistance.
  • Perform a material handling assessment. Moving materials is typically a “non-value-added” activity that can cause high-severity losses.
  • Do an ergonomic assessment. Inefficient movements also are “non- value-added” activities that can cause high-severity losses. Improving ergonomics can lessen fatigue and increase productivity and efficiency.
  • Implement a strategy for managing change. Confronting changes in the operation up front can reduce risk management expenditures and prevent losses.
  • Educate senior staff on the fundamentals of risk management. Decision-makers who are knowledgeable about the purpose and benefits of risk management can be a business owner’s best allies.
  • Discuss safety issues at management meetings.
  • Review product safety. Many firms provide safe workplaces, but overlook the safety of their products. Product safety problems can have a significant business impact.
  • Focus training on reducing specific losses and monitor success. Please call us for more risk management ideas targeted for your business. We’d be glad to help.
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