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At Comcover, we understand that the purchase of insurance is only one of
many risk management techniques that can be employed to manage the risks to your company.
Our risk management department’s goal is to assess the risks to your company and then provide the most cost effective
solutions to manage those risks. Our risk management programs involve using the following techniques:
Risk Identification and Analysis: Assessing and analyzing your company’s risks and exposure to loss
Implementation of Risk Management Techniques:
Avoidance: By discussing alternative ways of doing business, we can often offer solutions on how to avoid the
risk with minimal cost to your company
Modification: Some risks cannot be avoided and are inherent in running a business. If this is the case,
modifying the risk so as to reduce the risk’s frequency and severity can enhance your company’s profitability. An
example of modifying a risk would be the development of a fleet safety program.
Transfer or Sharing of Risk: The purchase of insurance is one example of transferring risks from your business
to an insurance company. Contractual risk transfer to another business is one technique that we often implement for
our clients because it does not involve any direct cost, but rather just the development of a program to implement it
and monitor it. Some examples of contractual risk transfer would be hold harmless agreements, waivers of subrogation,
and the development of an additional insured program.
Retention: Proper retention of risks involves the intentional (unintentional would involve risks that you
retained, but did not know about) retaining of risk. We often find that businesses are just trading dollars back and
forth with their insurance company on lower levels of losses. By performing a loss and premium analysis, we can
identify the most cost effective level of loss retention.
Monitoring Results: The implementation of a risk management technique does not mean that the technique will be
successful. At Comcover, we are well aware that the risks that a business faces are not static, therefore the
monitoring of any risk management program is critical to its success.
Let us show you a better way of managing the risks that your business faces every day so as to reduce the overall cost
of risk to your company.
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