300 Spindrift Drive
Amherst, NY 14221
(800) 728-6362
(716) 633-3400









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The Risk Management Process

  1. Essential First Step----Management Commitment
    • Examine your operation
    • Involve your employees
    • Provide resources, interest, leadership and continued support
    • Implement and continue a company-wide program

  2. Review Loss Financing and/or Insurance Protection
    • Retention; Insurance; Transfer
    • Review insurance policy coverage with your agent/broker to understand what is and is not covered
    • Review policy schedules
    • Review adequate limits of insurance

  3. Consider Loss Control
    • Define accidents, incidents and insurance losses as operating problems and treat them as any other operating problem which hinders productivity and profit
    • Identify hazards and dangerous conditions
    • Techniques: Avoidance; Prevention; Reduction; Segregation; Transfer

  4. Appoint a Safety Manager or Committee
    • Provide training, motivation, support, and resources to ensure success

  5. Identify the Exposures to Your Risk (People, Assets and Income)
    • Surveys; Financial Statements; Contracts; Leases; Plans; Engineering; Asset Schedules; Site Inspections

  6. Analyze Risk and Measure Loss Potential
    • Maximum probable loss
    • Incurred but not reported
    • Cost Benefit Analysis

  7. Select Appropriate Risk Mgt Tools and Techniques

  8. Implement the Plan

  9. Monitor the Progress of you Risk Management Program
    • Seek ways to improve

  10. Reinforce employees’ participation in and individual responsibility for the overall risk management effort


 
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