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

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Risk Assesments - People do the Strangest
things!!!!
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Presentation to Altrincham Sale Chamber of
Commerce Business Academy For Commercial
InsuranceTake the risk but protect yourself

• Ged Murray
• Insure Risk Limited
• 13th May 2014

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Insurance
What is the definition of Insurance?
it is the equitable transfer a risk of a loss
from one entity to another in exchange of payment
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Business Risk Exposures

• Focussing on commercial business Insurance
  covering property assets and liabilities.
• Property, Buildings, Contents, Stock, Plant
  Contract Works, Computers
• Business Interruption
• Liability -Employers, Public, Product
  Professional Indemnity
• Motor Fleet/Engineering
• Not included For Today
• Life Insurance, Pensions, Health Insurance
  Credit Insurance

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Key Steps For Business Risk Exposure

• Identify potential risks to your business
• Where possible remove/reduce risk
• Apply management procedures to control risk
• Where appropriate transfer risk by arranging
  correct insurance

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Potential Risk Exposures
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External Internal business Risks
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External Business Risks Limited Control
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Internal Business Risks
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Internal Managed Business Risk Exposures

• Own Staff
• Customers /Suppliers
• Property
• Products
• Legislation
• Contractual

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Business Risk

• UK Claims Statistics
• Cost of Average Fire Claim 7,900
• Cost of Average theft Claim 1,400
• In 2012
• 12.5M per day Property Claims
• 7M per day Liability Claims

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Risk Transfer - Insurance

• Statutory Insurance Required
• Employers Liability
• Motor
• Engineering Inspections
• Professional / Trade License Requirements in
  order to operate
• Misc - Legally Specified
• Tailored options for Risk Transfer
• Property (Buildings, Contents, Stock, Money)
• Loss of Profit/income
• Third Party Liability (Public/Products Liability
  Professional Risks)
• Misc- Management Liability/Cyber

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Commercial Insurance Key Consideration Points

• Use services of Chartered Insurance adviser who
  is authorised by Financial Conduct Authority
• Make certain adviser understands fully your
  business activities and risk exposures and is
  aware of future plans
• Declare all Material facts which may affect the
  viewpoint of insurer considering the risk
• Ask questions about the insurance recommended,
  understand the cover arranged, be particularly
  aware of policy terms and warranties
• Regularly review with adviser cover arranged is
  suitable for your business activities

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Commercial Insurance Key Learning Points

• Not Every Risk can be insured - External Factors
• Better to Remove/Reduce Risk through management
  controls
• With adviser identify risks to be insured
• Not 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
  claims
• If losses and claims occur there will be
  increased premiums to pay

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Take the RISK Out of YOUR RISK with
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