Every business, regardless of size, should promote a risk management culture. Serious losses can reduce assets, disrupt employment, lower employee morale, and create negative public perception. As a business owner, your leadership drives the elimination of negatives and the fostering of positives.
Federated developed Major Client Service Standards based on requests from clients for service calls with a specific agenda in mind. The Major Client Service Standards act as an annual planning process in helping the policyholder to review current practices, uncover risks, and providerisk management resources. There are four parts: the Financial Protection Review, the Risk Control Review, the Annual Client Review and the Client Continuation Plan. Each are equally important to the success of your business.
Why have a Risk Control ReviewSM?
The goals of Federated’s Risk Control ReviewSM (RCR) are to identify your business’s risks, then use that information to help you establish risk control programs to prevent losses. By having a Risk Control Review, your company could gain a distinct advantage over competitors and improve its finances at the same time.
A Risk Control Review will help you determine a risk management goal for the upcoming year. Once that’s decided upon, you will learn the logical steps toward accomplishing that goal through efficient and easy-to-use resources. Scheduling the Risk Control Review compels you to set aside time to focus on your business’s risk management practices.
Each section of the RCR logically builds upon itself to help you identify goals and possible tools to help meet those goals.
Section 1: Claims analysis – helps identify trends and compares your company’s loss history with that of your industry.
Section 2: Presentation of Federated’s Loss Side Initiative – provides insight into national trends and issues that may affect your business.
Section 3: Choosing a risk management focus, and determining your implementation strategy. To help support your success, Federated developed sample topic checklists to provide detailed guidance and links to the resources needed to complete each step. Federated’s Shield Network(now a registered mark) supplements the RCR with 24/7 access to user-friendly resources. These resources include training videos, reference articles, and printed materials.
The benefits of Federated’s Risk Control ReviewSM are designed to be long term. A well-developed risk management culture influences the decisions of management and employees, even if they are not consciously weighing risks and benefits.
Federated Insurance is exclusively recommended by the Equipment Dealers Association for Property, Liability, and Workers Compensation. If you have questions on any of the Major Client Service Standards, including the Risk Control Review, please contact me or your local marketing representative.
This article is for general information and risk prevention only and should not be considered legal or other expert advice or an offer of insurance. The recommendations herein may help reduce but are not guaranteed to eliminate any or all risk of loss. Qualified counsel should be sought with questions specific to your circumstances.
Federated Insurance Safely Speaking
by Jon Medo
© 2018 Federated Mutual Insurance Company.