When we think about preparing for an emergency, most of us think about the importance of being prepared for natural disasters. In fact, many communities in Texas plan for 'Hurricane Season,' but the truth is that disasters come in many different forms. From elaborate phishing schemes to power outages, it may feel impossible to plan for every potential disaster that your business may face. With a contingency plan and the right coverage from Hotchkiss Insurance, you’ll be prepared for whatever comes your way.
Risk management should be a never-ending process to ensure the safety, protection, and well-being of the people, finances, property, and even your organization's reputation. Identifying the soft spots in your coverage beyond standard weather-related incidents can help you withstand unexpected disasters. Before 2020, many of us probably hadn't considered the impact of pandemic disease and the accompanying supply chain issues on an organization. What other risks might your organization be susceptible to? What do you do when your employees fall on the property? Have an automobile accident? Can you pivot to a work-from-home environment in the event of the loss of a building? What happens if you experience a cyber-attack?
As you can see, the potential risks are endless. One way to ensure you are aware of areas of vulnerability is with a comprehensive checklist. These can be updated monthly or quarterly to reflect changes and help ensure your organization doesn't have any blind spots. It's also a great idea to check in regularly with employees and customers through surveys. These can bring to light new issues to address and help build trust in the community.
It's essential to analyze and evaluate key risk indicators and document the process professionally. A risk management action plan should be created and used to help you identify the three ways to respond to each risk.
Avoid - Eliminate or substitute so that the risk is removed
Transfer - Have the appropriate coverage so that insurance assumes liability.
Training resources are noted below.
Once the plan is in place, ensure all employees are aware of the policies and receive proper training.
We can help you avoid, transfer, and reduce your risk at Hotchkiss. For those interested in transferring risk, we have several policies to protect you before disaster strikes. Property and casualty insurance covers your physical assets and provides liability for accidents on your property or directly related to the business. A business interruption policy helps you stay afloat should an unforeseen event cause the company to shut down. One policy that is more prevalent today is cyber insurance. This policy makes sure all information technology infrastructure and activities are protected. Having these policies in place can significantly minimize the impact on the business.
Ensure your risk response plan includes the following steps.
1. Assigned Parties - There should be a clear designation of one main person heading up, responsible for, and authorized to speak for a group.
2. Quick Response Guidelines – A step-by-step process of how and who to file a claim with your insurer within 24 hours should be included as well as instructions to work closely with the adjuster to get information to them as quickly as possible.
3. Documentation Guidelines – Company protocol and Federal/State requirements should be shared about how to document the facts, date, time, area, witnesses, and more.
For more information on what to do in the event of an accident, download these helpful guides.
Hotchkiss Insurance is one of the largest privately owned agencies in Texas and is uniquely positioned to leverage a depth of resources and strong carrier relationships with a dedicated, nimble team to deliver the highest level of service to our clients. Being one of the largest privately-owned independent insurance brokerages in Texas allows us to make business Umdecisions focused on our clients and our people.
Reach out to us today to help take steps now to protect yourself later.
The Institutes: Associates in Risk Management (ARM) – General Risk Management (Property, Financial, Claims) – Offers a free mini-course.
Risk Leadership Certificate Program – nonprofitrisk.com – Fall of 2022 3 long weekend courses in Sept/Oct for the training from an insurance provider/industry experts.
RIMS – Certified Risk Management Professional.
PRMIA – Professional Operational Risk Management Designation (ORM Designation).
Check with current General Liability Insurance policy, Property insurance policy, and Workers Comp policy carriers for additional classes and resources.
How to Prepare for An Emergency / Hotchkiss Insurance