Our Risk Management insurance advisers have access to some of the best teams of Insurance Risk Managers in Australia.
Why Risk Management?
The discussion over public liability insurance during the past several years has intensified in response to public perception and has educated the public about business concerns for community groups relating to the amount and size of natural disasters being simply the need to manage risk
Public liability is a dilemma community organisation and others have increasingly had to deal with and there have been numerous reasons offered from the insurance industry for the refusal to insure or increase premium prices. A major contributing factor in community group premiums is that they are considered all high risk endeavours when often they have never had a claim and fail to offer reasons for premium endorsement
A well designed and applied risk management plan can reduce the personal risk of groups and individuals assisting in reduction of fees and liability providing the stronger business model.
Many organisations have some methodology in their daily risk management, either by visual aids and warning signs or direct intervention, inspecting a site before the public gain access to ensure it is hazard free, altering office procedures and running computer programmes to save and store backups and documents regularly along with many other examples of good risk management.
basic risk management questions
Three basic risk management questions which are easily applied are:
what can go wrong? ,
what mitigation scan be applied ?
and how to address consequences for a better outcome ?
An organisation can’t solve or anticipate every problem but a good management plan can ease the difficulties and reduce the level and consequences of situational distress and members liability
Partnerships and unincorporated associations being smaller organisations often are more exposed to potential liability which correctly advised may be largely mitigated and risk assessed
Generally insurers largely focus on providing cover to organisations that offer proof that they do not present a higher risk and as a result can be offered lower insurance premiums . Evidence of good risk management and practices can be financially beneficial with stronger likelihood of gaining insurance at a fiscally more acceptable level.
When implementing risk management principles you demonstrate your commitment to added value for participants and the wider community whilst enhancing the image of your group, it enables you to promote and market yourself as an organisation that has strong standards of behaviour, reassures participants and other members that their charges are well cared for and aiding your organisation to run effectively and professionally. The implementation of your risk management process additionally allows the organisation to potentially benefit members and others equally with many of the gains and concepts described.
Everything we do in life is comprised of several factors which usually go unnoticed and unconsidered , each situation can be considered a project requiring guidance and a potential risk , good management offers well considered situational awareness and through the application of sound risk management principles the potential benefits of both better situational awareness and the financial benefits or less potential problems and risk Tweet
while all care has been taken in the preparation of this document; no responsibility is accepted by the authors for any errors, omissions or inaccuracies. The material provided in neither neither was as general information only and is not legal advice nor intended to be a substitute for legal or other professional advice.