Controlling your Business Risks and Costs
In today’s world of rapidly rising costs and challenges in controlling business expenses, claims incurred by your business can have unexpected compounding effects on your bottom line.
If your organization views insurance as a necessary expense or just buying a policy, this article may help modify your position. Risk management is the continuing process to identify, analyze, evaluate, and treating loss exposures. It also monitors risk control and financial resources to mitigate the adverse effects of loss. Enterprise Risk Management expands the sphere of risk management to define risk as anything that can prevent the company from achieving its (financial) objectives.
The key to an economical and efficient risk program, is control over the risk management functions with the assurance that actions performed are desirable, necessary, and effective to reduce the overall cost of operational risk.
A risk management program is formulated and evaluated around the cost of risk, your company’s appetite for risk, and the company’s ability to perform before, during, and after losses.
Many organizations may not consider their insurance programs outside of renewal processes or when claims arise. However, an effective risk management program is one where your internal programs are just one component of your overall risk control. Innovise understands your needs and has the experience to simplify the complexity of regulations to help you create programs focused on safety, quality, and production where compliance is a byproduct.
Innovise applies these principles to your insurance coverage as well. By knowing what you do and how you do it, we focus on coverage rather than policy. Innovise further translates the difficulty of policy language into an understandable discussion of coverage. This helps to ensure you meet your financial objectives by not paying for unnecessary coverage while accounting for your risk and protecting your operations.
By combining the above tactics, both you and Innovise are well equipped to manage a claim should the need arise. When you select Innovise to be your agent, we partner with you by learning about your business. By knowing your business, we can assist you with appropriate coverage based on your operations and appetite for risk. As a partner, we will assist you with building internal risk control (safety and quality) procedures to help you create efficient production operations.
Innovise recognizes that your company’s needs are unique to you. As such, we focus on the appropriate levels of control to support your organization and customize coverage as well as internal programs to help you meet your operational and financial objectives. Intrigued? Contact your Innovise Team today.
