Burnham & Flower

	Taking On A Risk Management Role There may not be anything unusual about your day today, but you never know what tomorrow may be like. All it takes is one theft, natural disaster, fire, or lawsuit to change things dramatically over night. That's why risk management deserves a top spot on your list of priorities. What Exactly is Risk Management? It actually encompasses a wide variety of things, including being aware of your business's exposures, knowing what you need to do to protect your business from those risks, and having the right types and amounts of insurance coverages. Risk management is a constant process that could make the difference between overcoming a major blow to your business and having to shut your doors. Of course, no one can eliminate risk entirely, but it's possible to reduce it greatly. Risk Management Basics. List Your Assets. Note everything you need to protect in your business, including your building, machinery and other equipment, vehicles, computer data, cash, etc. Identify Your Risks. What might expose your business to loss? It could be anything from irresponsible employees to mechanical problems, such as faulty machinery. Don't forget abut universal risks, including fire, theft, and the ever unpredictable Mother Nature.		Focus on Loss Prevention. Loss prevention is the key to risk management. This could mean improving workplace safety habits, training workers on how to use equipment properly, creating tougher hiring procedures, rewarding employees for their work to create higher morale, etc. Also, always have an emergeny plan ready for sticky situations so you can curtail your losses. Spend Insurance Money Strategically. Put your premium dollars where they will do the most for your business. For example, you may want to increase deductibles whenever possible and put the leftover money toward umbrella protection for a peril of catastrophic proportions. Evaluate the Big Picture Regularly. Things change over time. A regular review of your overall risk management programs allows you to acknowledge new risks, brainstorm more loss prevention solutions, and update your insurance coverage to better address your needs. Your ability to think like a risk manager is necessary for the survival of your business. We encourage you to take on this role, but we don't expect you to do it alone. We're always here to help you with your risk management program. Please stop in or call us for assistance.