Risk Management and Control

Detailed Risk Management Techniques
The negotiation of the premium rate and the policy wordings with Underwriters is of vital importance. This can only be achieved provided our knowledge of the insurance market is complimented by the utilisation of professional risk management techniques.

These can be classified as follows:-

  • Identification and evaluation of financial risks
  • Elimination or reduction of risk.
  • Transfer of risk to other parties.
  • Self Insurance

Risk Control
We need to learn and understand the risks inherent in our Client’s business. We undertake risk surveys to:

1. Identify the risks to be insured.
2. Recommend loss control techniques.
3. Evaluate the maximum probable loss and liability exposure.

Risk Reduction
It is frequently possible to reduce a risk by means of improved protection against damage, business interruption, theft or personal injury. Examples include the use of sprinkler protection, duplication of programmes or records, departmentalisation of risk and sensible working procedures.

Enterprise Insurance has within its organisation personnel who hold the recognised NEBOSH National Certificate in Occupational Safety & Health which enable us to provide clients with advice on the general mechanics of health & safety including guidelines on how to write a health & safety policy, how to undertake risk assessments, the importance of training staff to do their jobs with health & safety in mind and accident investigations & workplace inspections.

By fully understanding client’s risks we are able to suggest ways that risk management issues can be addressed and with this higher degree of knowledge and understanding we are able to provide a better submission to the market on positioning the risk as well as improving the claims experience for a business which will result in lower premiums.

As we can confidently talk about health and safety issues, we can assist our clients to provide a better risk to the underwriter as well as preventing the contravention of any Health & Safety regulations which may invalid their insurance.

Losses, if they occur, can be minimised by adequate disaster planning to enable swift reinstatement of damage and thus activity.

Risk Transfer
Several techniques are available to enable financial risks to be transferred to other parties. As part of regular servicing discussions, we advise on the most appropriate action in individual circumstances.

This can include the use of independent contractors for work which might otherwise be undertaken in house, or the careful drafting of commercial contracts.

If you would like more information or require assistance, then please contact us.