My name is Ryan Hanley, I’m director of marketing
and licensed agent here at the murray group and it’s both my role here, as well as my
passion to help business owners like you receive the maximum benefit from your insurance.
But as fate would have it, today we’re not going to talk about insurance and instead
focus on risk management. More specifically, Risk Control.
Risk Control is any conscious action or inaction to minimize the probability, frequency, severity
or unpredictability of loss. Insurance helps us recover from loss… risk
management helps us prevent the loss from ever happening.
There are three theories on why accidents happen:
– People – so people do dumb things – Engineering – Things break
– Systems – Processes don’t work the way they’re supposed to.
There are 5 methods or techniques for controlling these risks to our business:
– Avoidance – pretty simple just stay away from whatever the potential risk is.
– Prevention – We build in processes or controls to make sure that the risk doesn’t happen
or at least that the risk is less likely to happen.
– Reduction – We realize the risk is unavoidable and put measures in place to make sure the
loss is as small as possible. – Duplication – we make copies of whatever
it is that could be impacted by a loss so if one is destroyed will always have a backup
to take it’s place – Transfer – this is often done through contracts
moving the obligation of risk and loss to another party.
While I’ve listed five techniques for risk control, there are very few instances when
using only one of these techniques is appropriate. Most often we’re going to use some combination
of methods to properly protect our business. A common example relates to workers compensation
insurance, to keep claims down we want to place Avoidance, Prevention processes in place
as well as Reduction processes for getting employees that do get injured back to work
as soon as possible. At The Murray Group, we see our job as not
only providing insurance products to help you recover after a loss, but also to provide
risk management guidance to reduce the chance of an accident ever happening. If you think our agency would make a good
partner for your business and you’d like to begin the process of receiving a proposal
for your business insurance program, please give us a call at 518-456-6688 or email us
at [email protected] If you’d like to learn a little bit more about
The Murray Group first, please click this link here or the link below this video to
subscribe to our Risky Business Newsletter. We’ll help you find, peace of mind.