Are you curious about implementing a Risk Control Program? These five steps can help you identify what problems you could face, tell you how to explore alternatives, and pick a system that will work best for you.
Step 1: Identify and Analyze Exposure to Loss
– Types of exposures: Personal Property, Real Property, Auto, Liability
– Methods of identification: Inspections, Surveys, Checklist
– Analyze those exposures determined by your identification methods
– Don’t forget to address the frequency and severity issue with losses
Step 2: Explore Alternatives to Potential Losses
– Risk control to stop losses
– Risk financing to pay for losses
– Retention
– Transfer
Step 3: Select the BEST Risk Management Technique
– Risk control
– Risk financing
See also: What Type of Business Insurance Do I Need?
Step 4: Implement the Decision
– Technical decisions
– Managerial decisions
Step 5: Monitor the Risk Management Program
– Purpose
– Control program
– Change if needed
See also: 11 Ways to Maintain Low Workers Compensation
Contact Us
If you have any questions about implementing a Risk Control Program, please contact HWP Insurance, and we would be happy to help.
- Carlsbad Office: (760) 795-2002
- Temecula Office: (951) 296-6833
