risk assesments - people do the strangest things!!!!

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  • Risk Assesments - People do the Strangest things!!!!

  • Presentation to Altrincham & Sale Chamber of Commerce Business Academy For Commercial InsuranceTake the risk but protect yourself Ged MurrayInsure Risk Limited13th May 2014

  • InsuranceWhat is the definition of Insurance?it is the equitable transfer a risk of a loss from one entity to another in exchange of payment

  • Business Risk ExposuresFocussing on commercial business Insurance covering property assets and liabilities.Property, Buildings, Contents, Stock, Plant Contract Works, Computers Business InterruptionLiability -Employers, Public, Product & Professional IndemnityMotor Fleet/Engineering Not included For TodayLife Insurance, Pensions, Health Insurance & Credit Insurance

  • Key Steps For Business Risk ExposureIdentify potential risks to your businessWhere possible remove/reduce riskApply management procedures to control riskWhere appropriate transfer risk by arranging correct insurance

  • Potential Risk Exposures

  • External & Internal business Risks

  • External Business Risks Limited Control

  • Internal Business Risks

  • Internal Managed Business Risk ExposuresOwn StaffCustomers /SuppliersPropertyProductsLegislationContractual

  • Business RiskUK Claims StatisticsCost of Average Fire Claim 7,900 Cost of Average theft Claim 1,400In 201212.5M per day Property Claims7M per day Liability Claims

  • Risk Transfer - InsuranceStatutory Insurance RequiredEmployers LiabilityMotorEngineering InspectionsProfessional / Trade License Requirements in order to operateMisc - Legally SpecifiedTailored options for Risk TransferProperty (Buildings, Contents, Stock, Money)Loss of Profit/income Third Party Liability (Public/Products Liability & Professional Risks)Misc- Management Liability/Cyber

  • Commercial Insurance Key Consideration PointsUse services of Chartered Insurance adviser who is authorised by Financial Conduct AuthorityMake certain adviser understands fully your business activities and risk exposures and is aware of future plansDeclare all Material facts which may affect the viewpoint of insurer considering the riskAsk questions about the insurance recommended, understand the cover arranged, be particularly aware of policy terms and warrantiesRegularly review with adviser cover arranged is suitable for your business activities

  • Commercial Insurance Key Learning Points Not Every Risk can be insured - External FactorsBetter to Remove/Reduce Risk through management controlsWith adviser identify risks to be insuredNot all insurance policies are the same, ask questions dont assume, understand the insurers policy conditions and warranties Full disclosure of all material facts ie previous claimsIf losses and claims occur there will be increased premiums to pay

  • Take the RISK Out of YOUR RISKwith

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