Posts Tagged "risk management insurance"

Risk Assessment Fundamental to a Business Continuity Plan

Posted by on Dec 10, 2015 in News | 0 comments

When it comes to a realistic, reliable business continuity plan, risk assessment is fundamental. To remain better positioned to recover from a disaster, companies that proactively consider which events are most likely to occur are able to focus disaster response planning efforts where they will yield the best return on investment. When it comes to threats your company faces, as well as their potential impact on business operations always base response and recovery strategies on a good understanding these threats and potential impacts. The following list via our partner Travelers.com contains some common threats that may leave critical business resources and operations vulnerable. Natural disasters such as tornadoes, hurricanes, floods, earthquakes, lightning strikesand wildfires. Manmade or technological events like fires and explosions, industrial accidents, chemical/hazardous material spills, communications and utility outages, system disruptions and transportation accidents. Malicious attacks including terrorism, bomb threats, vandalism, threats to reputation (off- or online), protests, civil unrest/riots, robbery and armed intruders. Cyber attacks such as denial of service attacks, computer viruses, worms, Trojan horses, cyberwarfare and cyberterrorism. Loss of workforce events such as long-term disability or illness, epidemic (e.g., flu, virus outbreaks), fatalities and worker strike. Supply chain disruptions, which can include counterfeit parts, regulatory requirement violations and transportation disruptions. Human error, such as poor training, poor maintenance, carelessness, misconduct, substance abuse, fatigue and counterfeit parts. Assessing Risk Although natural disasters seem to be happening more frequently than ever, particularly in the U.S. where nine of the 10 most costly disasters in 2012 occurred,* many business losses are actually caused by small events that are not wide-spread. When determining what the biggest risks are to your businesses, consider the following: Historical – What has happened in your community, to your facility or neighborhood before? Geographic – What is your proximity to flood plains, major airports, etc.? Physical – What is it about the design or construction of your facility/office that might make your business particularly susceptible to a certain event? Organizational – What is it about your employee, operational or technological infrastructure that might make your business particularly susceptible to a certain event? Regulatory – Is your business/industry required or mandated to prepare for any hazards? *Source: Insurance...

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Texas Work-Related Injuries: What You Need to Know

Posted by on Feb 26, 2015 in News | 0 comments

As a business owner, I’m sure you will agree that work related injuries are every company’s worst nightmare. Why do they happen and what can you do as an employer to help eliminate them? Education. Thankfully, TDI and OSHA have provided the resources to assist employers with job-safety tips and training. The TDI-DWC is a division of TDI which collects information for the purpose of assisting employers, policy makers, and safety professionals with identifying occupational safety and health issues conducted a survey.  The latest stats available are from the Bureau of Labor Statistics (BLS) in a survey from 2011 about occupational injuries and illness.  It was confirmed in this survey that private industry employers had less work-related injuries with a rate of 78.7 percent with days away from work per 10,000 full-time employees in the same industry.  This is a decrease from the 2010 rate of 79.5 and even lower than the national rate of 105. Here is a chart from that survey comparing work related injuries and the types of injuries over a three year period: 2009 2010 2011 Away from work 60,240 56,720 57,20 Nonfatal occupational injuries & illnesses 81.2 79.5 78.7 Incidents non-fatal 8 9 9 Median days away As you can see, one important measurement was the severity of injuries and how many days away from work.  Also something to note is the stats were the same for 2010 and 2011. The TDI-DWC released numerous reports about work-place safety in November of 2012 which showed there were 96,642 non-fatal injuries and illnesses in 2011. Another report accompanied this report that encompassed illnesses, characteristics of employees and injuries. The TDI-DWC also provides safety and health consultations on OSHA regulations in addition to conducting surveys to assist employers with job safety which includes regional and on-site training, health and safety publications, training videos, and employer guidance for return to work programs. This is why it is vital to be involved in your company’s risk management programs – don’t be a statistic. It is also important to remember that your insurance company and agent are ready to help you with managing work-place related injuries and mitigating risk. Along with help from your insurance agent, TDI and OSHA, there really is no reason your company can’t increase on the job safety and reduce work-related injuries. When looking for an insurance agency to help you, keep in mind that they should be more than just an agent, they should be available to walk you through even the unforeseen risks. They should help provide you and your staff with all the tools available for mitigating work-place safety....

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Top Tips for Corporate Risk Management (Infographic)

Posted by on Jan 15, 2015 in News | 0 comments

Risk management is a highly important yet tricky task that all businesses must take into consideration. Simply put by Investopedia.com, risk management is a two-step process – determining what risks exist in an investment and then handling those risks in a way best-suited to your investment objectives. Risk management occurs everywhere in the financial world. It occurs when an investor buys low-risk government bonds over more risky corporate debt, when a fund manager hedges their currency exposure with currency derivatives and when a bank performs a credit check on an individual before issuing them a personal line of credit. This infographic by www.sysop.co.uk gives more of a visual concept of risk...

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