Since risk and the legal language that insurance companies use are constantly changing, you need someone who can continuously monitor and manage all of the issues that can impact your business.
- Continuous review and ongoing reporting as business, laws & policies change
- Finance risk — design and implement insurance and self-insurance programs
- Manage risk for the following: new ventures, real estate purchases, claim problems, vehicle or employee lease arrangements, hiring of employees, language of agreements with contractors, etc.
- Policies include & are not limited to: Property, General Liability, Professional Liability — E&O, Environmental, Automobile, Directors & Officers, Employment Practices, Fiduciary Liability, IT, Internet-based Exposures, Crime, Umbrella, Workers Comp, Boiler & machinery/equipment breakdown, Marine — transit & equipment
- Issues resulting from: Global Warming and changing weather patterns i.e. flooding, hurricanes, etc., Natural Disasters including earthquakes, wildfires, tsunamis, Political Risk including terrorism, Information Technology and computer issues including: loss and corruption of data, loss of income and lawsuits from customers and others due to exposure and privacy violations and financial loss, impact from Sarbanes Oxley on Directors and Officers, General Risk Management to assess risks to best protect your company from litigation, loss and liability and to arrive at Risk Adjusted Financials
Your company is constantly considering, negotiating and signing contracts.
In the world of Risk Management, there are two kinds of contracts:
- insurance policies, and
- non-insurance agreements
The insurance policy is purchased, amended during the year as events happen – changes in direction of the business, new ventures, acquisitions, etc. Believe it or not insurance policies are constantly in play, and then there is the annual renewal. In cases where there is no risk management presence, these policies may not be reviewed at all! Insurance language negotiation is a key part of the risk management function.
Non-insurance policies are also constantly encountered in daily business operations. These almost all have risk and insurance implications, and language that directly addresses risk and insurance. We work with the company’s attorneys, and in fact they seek us out, to iron out and perfect the language in that area.
In contract management in general, a risk management rule is “never be passive.”