An insurance company
recently listed its top strategies for businesses to
manage risk and reduce losses. These include:
a comprehensive loss analysis. Learn from the past
and put resources where they’re most needed
- Identify the true costs of losses,
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.
carriers, agents, and trade groups offer potential
sources of information and assistance.
a material handling assessment. Moving materials
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.
a strategy for managing change. Confronting changes
in the operation up front can reduce risk management
expenditures and prevent losses.
senior staff on the fundamentals of risk management.
who are knowledgeable about the purpose and benefits
of risk management can be a business owner’s
- Discuss safety issues at management meetings.
- Review product safety. Many firms
safe workplaces, but overlook the safety of their
products. Product safety problems can have a significant
- 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.