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 your business may face. With a contingency plan and the right coverage from Hotchkiss Insurance, you'll be prepared for whatever comes your way.

Audit for Risk Assessment

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. Not long ago, few of us had considered the impact of pandemic disease and accompanying supply chain issues on an organization. What other risks might your organization be susceptible to? What do you do when an employee falls on the property, or has an automobile accident? Can you pivot to a work-from-home environment if you lose access to a building? What happens if you experience a cyber attack?

Anonymous Feedback: Checklists, Surveys, and Training

As you can see, the potential risks are endless. One way to stay 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, which can bring new issues to light and help build trust within your community.

Building a Risk Response Plan

It's essential to analyze and evaluate key risk indicators and document the process professionally. A risk management action plan should identify three ways to respond to each risk:

1. Avoid: Eliminate or substitute so the risk is removed entirely.
2. Transfer: Secure appropriate coverage so insurance assumes the liability.
3. Reduce: Manage the risk through improvements and training.

Once the plan is in place, make sure all employees are aware of the policies and receive proper training.

Risk Management and Insurance

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 protection for accidents on your property or directly related to your business. A business interruption policy helps you stay afloat if an unforeseen event forces your company to shut down. One policy that's more essential today than ever is cyber insurance, which protects your information technology infrastructure and activities. Having these policies in place can significantly minimize the impact of a disaster on your business.

Reporting: What Your Risk Response Plan Should Include

Your risk response plan should include 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 the group.
2. Quick Response Guidelines: A step-by-step process for how and who should file a claim with your insurer within 24 hours, along with instructions to work closely with the adjuster to provide information as quickly as possible.
3. Documentation Guidelines: Company protocol and federal or state requirements for documenting the facts, date, time, location, witnesses, and more.

For more information on what to do in the event of an accident, download our helpful guides

• Auto Accident
• Property Claims
• Workers Compensation Claims
  
  

Absolute Protection in a World of Unknowns

Hotchkiss Insurance is one of the largest privately owned agencies in Texas, 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 decisions focused on our clients and our people.

Reach out to us today to take steps now to protect yourself later.

Training Resources:

• 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.