A risk management program may seem like an exaggerated strategy for a small business to consider; yet such a plan has a place from business planning through insurance to operations planning. Risk management programs provide both the strategic basis and the operational structure for handling crisis within your company.
Why Risk Control?
OSHA estimates that businesses spend $170 billion a year on costs associated with occupational injuries and illnesses – expenditures that come straight out of company profits. In contrast, workplaces that establish good health and safety management programs can reduce these costs by 20 to 40 percent. Proper risk management provides the consistency and reliability needed to build strong safety cultures while growing your business.
Implementing a risk management program may be welcome news to your banker, or insurance agent. Both are risk managers by profession, so you may see a banker willing to increase credit lines, while an insurance broker can affordably customize your coverage based on a well-designed risk program. Having a risk management program may aid you in proving due diligence in legal action, potentially limiting and protecting your liability in case of a lawsuit.
The presence of an active risk management program speaks volume about your company’s brand. Risk management programs that identify and prioritize key risks that are likely to occur, drastically improve your company’s chances to plan and respond. This in turn saves you staff hours away from the core efforts of your business. For example, health and safety components of your program may address ergonomics and equipment safety, reducing lost-time injury. Workplaces with active health and safety leadership coupled with employee safety trainings have fewer injuries, are often rated “better places to work,” and have more satisfied and productive employees.
ReSolve provides outsourced risk-management resource and support to Insurance and HR Firms, in addition to publicly and privately held businesses.