5 Business Risk Management Tips
An insurance company recently listed its top strategies for businesses to manage risk and reduce losses.
These include:
1. Complete a comprehensive loss analysis. Learn from the past and put resources where theyre most needed and effective.
2. Identify the true costs of losses, then translate these costs into sales dollars. Use this information to allocate resources to help reduce or eliminate losses.
3. Check web sites, trade literature, loss control professionals, and other resources. Insurance carriers, agents, and trade groups offer potential sources of information and assistance.
4. Perform a material handling assessment. Moving materials is typically a non-value-added activity that can cause high-severity losses.
5. Do an ergonomic assessment. Inefficient movements also are non- value-added activities that can cause high-severity losses. Improving ergonomics can lessen fatigue and increase productivity and efficiency.
Source: Insurecast, http://www.insurecast.com/html/business_risk_management.asp
