Risk Management

The management of risk is an important aspect of every successful business and a good insurance broker will understand the key risks that your business is exposed to and what insurance can be obtained to help protect you.

However, the purchase of insurance is only part of the answer. Insurance can never cover all of the risks faced by you and Risk Management is the rationale process that allows risk to be well managed.

Risk Management involves recognising the risks which are applicable to your business and dealing with them through a combination of:

• RISK IDENTIFICATION - by identifying potential areas of risk
• RISK ASSESSMENT - by analysing and evaluating the risks identified
• RISK CONTROL - by taking measures to reduce the risks that have been identified
• RISK RETENTION - by accepting some of the smaller risks within the business
• RISK TRANSFER - this includes insurance for those risks that can't be retained

At Insurance Advisernet we believe that Risk Management is a specialist discipline and we have formed partnerships with a number of experts in their field, such as Health & Safety, environmental protection, fire protection, business interruption and security assessment to help our brokers provide their clients with quality advice. Contact your local Insurance Advisernet broker for further assistance.