There is more to an agent to client relationship that just offering and providing coverage. Insurance companies look for certain processes, plans and measures in place to prevent claims. An agent partners with you on this process of risk management, if proper process are in place to mitigate risks, less claims happen and lower premiums occur. By learning what insurance companies look for and areas that can be properly managed for potential risks you can benefit your business as well as provide safety and enjoyment to all involved.
Here are a few areas and tips to get a head started on the process of Risk Management:
- A few housekeeping items: Good indicators in your office are cleanliness, storage and well maintained office equipment. A neat and orderly premises implies pride of ownership and that the location is being managed properly.This also cuts down on workplace accidents due to untidy work conditions. Surveillance cameras outdoors at large offices can also be a good safety measure to review if any incidents do occur.
- Employee Selection: Completing background checks,new hire orientation, and proper screening are assessed to insure that employees receive ongoing training for job specific skills and safety measures. This is specifically true of drivers that could be added to the company policy, often MVRs will be run and insurance eligibility will be completed regardless. Proper hiring, recruitment and training processes are important to the risk management process.
- Accounting:Make sure everything is up to date. Reviewing financial statements,keeping detailed and accurate records, tax forms and control systems are important. Make sure all data is fact checked and matched on all records..also make sure the company is candid on finances and easy to track for audit purposes.
- Building Security: Is there a burglar alarm, is the building sprinklered, is all equipment properly maintained?…These are some questions you can ask about your building safety. Security protocols may be necessary if there is child care in the facility such as check in procedures for the entrance. Also, are there emergency protocols for fire, weather or medical emergencies and are these practiced with employees? Some things to think about in terms of building security.
- Incident reporting: Make sure there is a plan in place for this. Additionally, make sure management and staff know how to initiate and report accordingly.
These are just a few ways to get a head start on the process of risk management and the benefits in work environment and insurance credits to lower premiums. For more information and consultation on this, please contact your agent.