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| Insurance and Risk |
In all business, risks need to be taken to produce the rewards. Consequently, it makes sense to carry out a detailed review in order to appraise the outcomes and analyse the risk associated with the activity.
The aim of a review is to produce a practical risk management strategy to assist in the daily management of the business.
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| Risk Categories and key factors |
- Financial Risk
Cashflow, Liquidity and interest rates.
- Strategic Risk
Internal research, development, competition, customers and product demand.
- Operational Risk
Accounting, IT systems, recruitment, supply chain, business regulations and culture.
- Hazard Risk
Products and services, employees, properties, public access, contracts and the environment.
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MFL Insurance Centre
Identify the risks your business faces & the products available to cover these risks
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| Liability |
Claims against the business may come from:-
- Contractual disputes
- Product Liability
- Employer's Liability
- Public Liability
The business should also consider insuring against the acts of their employees for discrimination, fire, theft of assets and stock. If you have personnel whose absence or loss will have a significant effect on the business then keyman insurance may be worth considering. Having managed the risk of the business, the insurer will evaluate the risk remaining in the business and adjust the premiums accordingly. back to top
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| Risk Management |
The aim is to review all aspects of your business in detail, identify the areas of risk, understand the nature of the risk, evaluate the potential downside and determine what procedures and processes may be implemented to reduce or minimise the risk.
In undertaking such a review, employers are seen to be caring for employee welfare.
- Appoint a team leader
Non-specialist risk may be analysed internally by developing a consistent and systematic approach to cover all the activities.
- Look at all the risk
The workforce, customers, and the general public.
- Specialisms
Take advice on specialist areas. Carry out recommendations and monitor the improvements.
- Train Staff
To be aware of Health and Safety regulations to continuously improve on safe working practices.
- Disaster Planning
In addition to the normal business routines, a plan should also be put into place, should a serious incident occur. Business continuity will ensure that the key functions, systems, premises and resources are in place with minimal delay.
Having re-established the critical mass, additional central and more peripheral resources may be introduced to facilitate the resumption of more normal conditions.
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