Risk Management
Managing and Reducing Risk
Risk Management is a term regularly used in the insurance industry and one which is commonly translated as simply 'Health & Safety' Management, but which actually goes a lot further. Essentially, Risk Management is a management process used to identify, quantify and minimise the exposure of a business to damage or disruption and financial loss. At Paul Jones Insurance Services Ltd (PJIS) we are experienced in assessing the main risks and recommending steps to reduce these threats.
You will already appreciate that accidents and ill health caused at work will cost your business time and money. Just consider the impact to your business if a member of the public, or your staff, has a serious accident, or an employee has an employment related illness for an extended period of time. The direct costs may include management time, lost wages, legal costs and potentially severe penalties, but the indirect costs and 'knock-on' effects can be a lot heavier.
Risk Management assessments should not be limited to the business premises, but other working environments including contract sites, customer premises and vehicles are all to be considered.
As Independent Insurance Brokers we would recommend you work with your insurer to carry out a thorough examination of your workplace and if appropriate engage the services of a good specialist consultant to provide you with a comprehensive analysis of your current situation.
'Health & Safety' is often considered in terms of the physical dangers encountered and relates to all working environments, including vehicles used for business, whether provided by the company or personally owned by employees. Risk Management may be taken further to look at the 'financial health' of the company and better understand and manage any exposures or influences in this area.
A Risk Management and Health & Safety review may lead to improved processes, reduced staff absences, improved working environments, insurance premium reductions - in essence a better business.
