Insurance risk management strategy

things to consider when developing your business’s risk management strategy6

In the asbestos industry, protecting your business involves more than just purchasing insurance and it is vital that you have an effective risk management strategy in place to protect your people, reduce the likelihood of claims and improve your risk profile. This will make your business more appealing to insurers, helping you to secure better coverage and fewer policy conditions at a better rate during renewal, which is particularly important during the current hard insurance market.

Your business’s risk management strategy will be tailored to your business’s unique requirements which should be discussed and agreed with your insurance broker however, a good risk management strategy should include:

1 Strict health and safety processes and procedures that are clearly logged and documented 2 Training programmes in place for staff 3 Regular checks on office alarms such as fire and burglary 4 Cameras and telematics fitted in your vehicles if your business operates a fleet 5 Understanding and using the data from cameras and telematics effectively to help identify claims trends, reduce claims, and improve driver behaviour and efficiencies 6 A business continuity plan in place to protect your business should an incident occur, that could prevent you from carrying out your everyday operations

Risk management enhances operational effectiveness, improves resilience, creates employee engagement, and delivers improved business performance. You can learn more about our risk management solutions on our website srinsurancesolutions.co.uk At Specialist Risk, our approach has always been to understand our clients and their risks and, wherever possible, help to mitigate these so claims are kept to a minimum. When your business operates in a niche industry such as asbestos, it is vital that you work with an insurance broker that specialises in the risks your business is exposed to, ensuring your business is appropriately protected. Our expert team have worked with asbestos removal, contracting, and surveying businesses for over 30 years and we are proud to be the appointed insurance brokers to ARCA members.

Our service allows you to focus on the day-to-day running of your business, whilst we become your trusted advisor on all aspects of risk that your business faces. You can learn more about our risk management solutions on our website srinsurancesolutions.co.uk/service/riskmanagement.

We are here to help. Get in touch with our dedicated team to arrange an introductory appointment today on 020 7977 4800 or email srisenquiries@specialistrisk.com