Risk Management Strategies and Resources

Based in 1946, Kapnick Insurance coverage is an unbiased skilled advisory agency with Michigan roots and a worldwide attain. Our 180+ colleagues present professional steering and artistic downside fixing pertaining to enterprise insurance coverage, danger options, worker advantages, worksite well-being, and private insurance coverage to an unlimited and numerous base of shoppers worldwide. We innovate. We accomplice. We lead shoppers in new instructions that reduce danger and scale back value.

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Threat administration is the identification, evaluation and prioritization of dangers to reduce, monitor and management the probability and influence of losses. Efficient danger administration actions create worth and needs to be an integral a part of the decision-making course of.

Threat administration impacts your backside line within the following methods:

Supplies alternatives for higher pricing on insurance coverage premiums
Saves out-of-pocket prices like deductibles
Ensures a protected and steady atmosphere for workers, volunteers and prospects
Helps you perceive and be ready for dangers earlier than losses happen

Methods for addressing an recognized danger embody the next:

Threat avoidance, which incorporates eliminating actions that contain danger and avoiding creating actions that contain danger.
Mitigation or prevention to scale back the probability of losses occurring or lessening the influence of losses ought to they happen. That is executed via managing legal responsibility by structuring actions and applications in ways in which scale back or restrict institutional danger.
Threat switch, which suggests diverting both the danger or monetary penalties of a loss to a different celebration. Threat switch will be executed via insurance coverage insurance policies, indemnification agreements, or releases and waivers.
Threat retention accepts that some danger is inherent within the actions of operation. Threat retention methods embody self-insurance, deductibles, and/or deciding to not buy an insurance coverage coverage for a particular publicity.

At Kapnick, now we have quite a lot of sources that will help you handle your dangers. These embody:

Seasoned consultants and apply teams who perceive your online business, be part of trade associations, get to know the folks accountable for guaranteeing security and loss management – and study from their first-hand experiences.
Kapnick danger options, with on-site loss management evaluations, complete declare opinions and program design and implementation.
Kapnick Threat Companies Middle, a novel program that gives web-based danger administration instruments and supplies your group wants to assist scale back accidents and enhance profitability.
RisKap, a complete danger evaluation that solves the issues shoppers have when shopping for insurance coverage and managing and controlling danger. By unveiling your insurance coverage rating, Kapnick is ready to craft a customized plan of motion to mitigate danger as a lot as attainable with the intention to guarantee success of your online business.

This text was written by Mark Arbaugh, a accomplice and property & casualty danger marketing consultant at Kapnick Insurance coverage. Mark drives a proactive group method towards simplifying advanced insurance coverage issues and makes use of data-driven analytics to benchmark firms towards their digital peer teams, providing strategic course to govt groups.  To work with Kapnick’s danger administration consultants, attain out to us at [email protected] or 888.263.4656. Kapnick has quite a lot of sources and instruments that will help you construct an efficient danger administration program.