Unexpected events can pop up at any time — often with a hefty price tag. But having appropriate risk management strategies in place can prevent a bump in the road from becoming a detrimental blow to your bottom line.
With today’s shaky economy, it’s likely your budget is slimmer than ever. You’re not alone. According to the Aon 2009 Global Risk Management Survey, 57 percent of those surveyed reported suffering losses due to the economic slowdown. With less cash in your line items, you may be tempted to skimp on insurance to cut costs. But implementing a prevention program and carrying the right amount of coverage can actually save you money in the long run.
“I think now, more than ever, risk management is something that should be on the top of all our clients’ minds,” says Bernie Calonge, managing director and head of the Cincinnati office of Marsh Inc. “They’re certainly looking to protect against any type of losses that might occur in the future.”
It’s likely your business already has at least basic insurance policies in place. But risk management goes beyond paying workers’ compensation premiums. A few basic pre-emptive measures now could prevent a costly incident from ever occurring — and can save you the hassle of dealing with a startling loss.