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Extra Cover - Risk Management

Extra Cover - Risk Management

Jul 27 2015

The role of an insurance broker can best be described as Risk Management. This is the process to best handle uncertainty about whether a loss will occur.

To manage risk you must first understand the losses to which you are exposed. There are four types:

  1. Property
  2. Liability
  3. Personnel
  4. Net Income

All of us are risk managers in our daily lives. We do this when we make sure we have a good spare tyre in our car, when we put a “Beware Bad Dog” notice on our front gate and when we decide to buy Life Insurance. We are assessing possible events that could cause Financial Loss and coming up with methods to make the risk more acceptable. In a commercial context this can be considerably more complex.

To manage these risks you must assess:

  • The value exposed to the loss
  • The cause of the loss
  • The financial consequences of the loss

Having done the risk assessment you must manage it, make it more acceptable by:

  • Preventing the loss from occurring
  • Reducing their frequency or severity
  • Paying for the financial consequences of the losses that do occur

In doing this there are two approaches:

  1. Risk Control
  2. Risk Transfer

The methods used depends on the type and size of your business. Very large businesses can afford to have their own Risk Manager or even a Risk Management Department.

The role of Insurance Consultants of Grenada Ltd is as YOUR OWN Risk Manager, get in touch with us now to get the benefits listed below.

The benefits of Risk Management:

  • Preventing losses
  • Reducing their financial consequences
  • Peace of mind

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