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Risk Management


Minimize Your Risk Exposure

We believe an emphasis on risk management is essential if an organization is to continue to thrive. The organization must feel confident that its risk management program is structured appropriately and cost-effectively.

The size, complexity, and type of your organization will dictate which services should be emphasized and whether we, as insurance consultants, should function alone or with additional risk management resources.

We generally approach the process in the following sequence:

  • Identify exposures to accidental loss that may interfere with your organization’s fulfillment of its basic business objectives
  • Examine feasible risk management techniques and insurance options for handling those exposures
  • Select the best risk management technique(s)
  • Implement the chosen risk management technique(s)
  • Regularly monitor and, when appropriate, modify the chosen technique(s) to assure that the risk management program remains effective

The Risk Management Process

Step 1:

Identify and Analyze Exposures to Risk

  • Collect data – detailed survey/audit
  • Analyze frequency and severity of exposure

Step 2:

Examine Feasible Risk Management Techniques to Address Exposure

  • Controls
    • Avoidance
    • Prevention
    • Reduction
    • Separation or Diversification
    • Loss Control Transfer
  • Financing
    • Retention
    • Transfer to Commercial Insurer

Step 3:

Select the Best Risk Management Techniques

  • Consider the size of the organization
  • Consider the organization’s ability to absorb loss and forecast future losses accurately, and its willingness to accept risk
  • Don’t risk more than you can afford to lose, and don’t spend a lot for a little protection.

Step 4:

Implement the Chosen Techniques

  • Establish retention programs
  • Formulate and implement loss control programs
  • Purchase insurance and outside vendor services
    • Prepare specifications
    • Market through all appropriate sources
    • Analyze proposals

Step 5:

Monitor the Results

  • Maintain complete policy files
  • Supervise the endorsements
  • Periodically review the status of the program
  • Manage claims
    • Review claim reporting and handling
    • Assist in preparation and filing
    • Monitor serious cases
    • Review reserve analysis
    • Implement return-to-work and managed-care programs
  • Coordinate loss control/prevention services
    • Develop safety policy statements
    • Organize Safety Committee
    • Evaluate safety program
    • Create material handling programs
    • Examine ergonomics
    • Initiate industrial hygiene studies

Our Consulting Services

We believe an emphasis on risk management is essential if an organization is to continue to thrive. The organization must feel confident that its risk management program is structured appropriately and cost-effectively.

We offer the risk management consulting services outlined above on a fee basis. The size, complexity, and type of your organization will dictate which services should be emphasized and whether we, as risk management consultants, should function alone or with an insurance broker.

Connect with a BMT Insurance Advisor