One of your priorities as a business owner should be to mitigate risk where possible.Here are 5 key risk management best practices that you should consider:
1. Contact your insurance adviser
Your adviser possesses specialised knowledge of insurance risks in your industry – they will be able to clearly identify and relevant business risks and provide advice.
2. Do not simply renew your insurance policies
Businesses that simply renew insurance policies when they are due may miss the opportunity to fully manage their risks. Reviewing policies and monitoring sums insured, exclusions and/or the type of cover is an essential part of mitigating risk.
3. Perform Risk Reviews annually or when business changes are made
To recognise your business’ current risk exposure and how you can mitigate these risks, plan a risk review with your insurance adviser. Your adviser will know whether your current policies provide appropriate cover or whether there are uninsured risks that can be mitigated.
4. Practice Risk Prevention
Managing risks in your business can be as simple as employee training, background checks, equipment maintenance and safety checks. Appointing risk management responsibilities to a staff member and/or committee is good practice to make risk management plans.
5. Create a Risk Management Plan
The Australian Government provides free risk management resources on their website, from Emergency Management Plans, to dealing with consumer complaints under the Australian Consumer Law and managing Work, Health and Safety.
If you need assistance with your risk management, get in touch with an allinsure adviser.