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RISK MANAGEMENT ESSENTIALS
MO/KS PRIMA CONFERENCEApril 17, 2015
Linda [email protected]
Mick [email protected]
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Low Probability Low Severity
Low ProbabilityHigh Severity
High ProbabilityLow Severity
High ProbabilityHigh Severity
HOW SHOULD YOU DEAL WITH RISK
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IgnoreAvoid
Internal Funding
IgnoreAvoid
Internal Funding
Transfer Risk InsuranceContract
Transfer Risk Insurance Contract
Low Probability Low Severity
Low ProbabilityHigh Severity
High ProbabilityLow Severity
High ProbabilityHigh Severity
How Do You Handle Risk Of Loss?
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Risk Management Responsibility
• IN THE EVENT OF AN ADVERSE EVENT YOUR• RISK PLAN • should • PROVIDE • adequate • RESOURCES (MONEY)• to pay the financial consequences of the
event.
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Insurance Agent Responsibility
• IN THE EVENT OF AN ADVERSE EVENT YOUR
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RISK CONSIDERATIONSContinuity of Operations (COOP)
Self Insurance vs Insurance
Risk Transfer by Contract
Enterprise Risk Management
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How To Start (Decide)
• Which Risks Are Currently Not Insured? Read your insurance policy exclusions/limitations.– Intentionally caused– Protect property Before or After Loss– Vacant property– Earthquake, earth movement, flood, war,
terrorism, nuclear radiation, mold, broken water main, mechanical breakdown, electrical arc, building code, margin clause, concealed carry
– Margin Clause
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DECISION TIME
• QUESTION:
• WHAT HAPPENS TO YOUR INSURANCE PREMIUM IF YOUR LOSS RATIO APPROACHES 50%?
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DECISION TIME
• QUESTION:
• WHAT HAPPENS IF YOU HAVE TO TELL YOUR BOSS ANOUT A PREMIUM INCREASE?
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SUMMARY
• You are already doing self insurance. How much is the real question.
• Should you modify your RISK PLAN to include more or less self insurance?
• Can you overcome the barriers?
• Can you COMMUNICATE your Risk PLAN to others?
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QUESTIONS