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Risk Management

            What is it?  I hear this all the time.  What is Risk Management?  The short answer is an organized process of identifying and managing a company or individuals loss exposures.  There is really more to it than that but it the main theme of Risk management and a good place to start.

            How does it benefit me? Risk management done properly will increase profitability, employee morale, reduce cost of insurance and in some cases will be the only thing that saves your business or your life.  The owner of the company ultimately bears all of the risk for the company so it is very beneficial to be aware of and understand the risks of loss that you are exposed to.

            Why isn’t insurance enough?  Insurance products are a key player in an effective Risk management strategy but it is not enough to rely on insurance alone to protect you from losses.  Insurance products are designed to protect your financial cost of a loss in certain circumstances.  Coverage under insurance is many times negated for certain types of losses or policy language may limit your recovery from certain types of losses.  A good risk management plan will identify losses insurance won’t cover and develop a plan of action for those situations.

            How do I get started?  A good place to start is to work with someone qualified to do Risk management and someone who has experience in your particular industry.  Your insurance agent is a key to your program and should be able to link you to resources within the insurance carriers also.  It all comes down to the 5 P’s I learned in the military: Prior Planning Prevents Poor Performance (Actually there are 6 P’s but we won’t go there).

            How much does it cost?  The cost is very affordable and the pay off is well worth the effort it takes to implement and manage a risk management plan.

      I am here to help! 

My contact info: 
Andy Herzfeld (Certified Insurance Counselor),(Certified Risk Manager)
Herzfeld Inc. – Owner  Office #501-315-3015 Cell #501-317-8291

Posted 4:45 PM  View Comments

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