Five Factors Influencing Rising RISK Costs
As your trusted advisor, Innovise Business Consultants focuses on building the best relationships with your business and appropriate insurance carriers. Well known, but sometimes forgotten, insurance is a method used to transfer risk from your business to the insurance carrier.
Businesses in almost every sector are realizing the pain of the rising cost of risk. This includes the costs of managing and transferring risk. As Innovise strives to know you better than anyone else, we can best serve your risk control needs by introducing or improving appropriate risk management controls.
Consider the following areas of risk:
- Increasing Awards in Verdicts and Settlements. The trend of ever-increasing awards to settle losses and related suits is causing the need for increased policy limits as well as associated premiums.
- Inflation. As inflation continues to increase so does the cost to repair or replace property and equipment.
- Injuries and Regulatory Compliance. The cost of workplace injuries is realizing the same inflationary cost as other businesses and services. Additionally, closer scrutiny for OSHA and other regulatory agencies continues to add costs post-incident and injury.
- Cyber. Cyber exposure is an ever-increasing risk of loss as technology advances as quickly on the offensive side as on the defensive side and criminals have more tools added to their arsenal continually. These advances are leading to increased frequency and severity of loss.
- Social Risk. Companies can quickly find themselves in challenging situations based on the public perspective of their safety record, environmental impact, or other related “concerns”.
Today, the goals of “zero” incidents or injuries may need to be adjusted to a focus on 100% safe and quality production. The Innovise Risk Control Team is uniquely qualified to assist you with your risk control program and is best suited to help you meet your financial objectives.
