Risk Management
The Risk Management Process
- Evaluate risk
—What are my needs: Property, Computers, Workers' Compensation, General Liability?
—What is required by law?
- Choose a course of action
—Which Insurance Company offers the most coverage for the cost?
—How much insurance is needed?
—When should coverage go into effect?
- Put that course of action into effect
—Find coverage desired
—Set a time-table for additional coverages to be added later
- Monitor
—Are things in my situation changing?
- Adjust if necessary
Risk Management Options
- Avoid
- Transfer by Contract
- Transfer by Subcontractor
- Transfer by Lease
- Transfer by Insurance
- Retain
- Self Insurance versus No Insurance
