Risk Management
| Risk Management Risk Avoidance Risk Transfer |
- Risk Management
Every Business has a degree of "risk" of loss. Some of those areas can
be covered by insurance, others may not. Risk management involves
analyzing your business to determine what areas are susceptible to
loss and identifying the proper insurance coverages that may apply, if
any. Just as important is to recognize what areas of your business are
not covered by insurance and mitigate those areas to reduce exposure.
Varying levels of professional assistance can be obtained from a
compilation of sources that will be presented for evaluation.
- Risk Avoidance
Often there are areas of operation that can be reduced or eliminated to
prevent catastrophic loss of life or finances. An overview of your
company's operations & procedures will often identify these areas so
that they can be constructively eliminated with minimal interruption of
business or cash flow.
- Risk Transfer
When potential risk of financial loss or bodily injury including death is
possible, it is essential to transfer that risk to a third party, generally an
insurance company. Through proper insurance techniques and a
custom designed program these risks can be evaluated for probability
and assigned an appropriate premium commensurate to the exposure.
Through pooling similar accounts with common exposure the overall
risk of loss is compensated for by aggregating premiums and the
dispersal of risk across a broad portfolio of common industry accounts.
Often, Risk Transfer can also be performed through utilization of
specifically worded subcontracts.
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Midas Insurance Consultants