An insurance company recently listed its top strategies for businesses to manage risk and reduce losses. These include:

• Complete a comprehensive loss analysis. Learn from the past and put resources where they’re most needed and effective.
• Identify the true costs of losses, then translate these costs into sales dollars. Use this information to allocate resources to help reduce or eliminate losses.
• Check web sites, trade literature, loss control professionals, and other resources. Insurance carriers, agents, and trade groups offer potential sources of information and assistance.
• Perform a material handling assessment. Moving materials is typically a “non-value-added” activity that can cause high-severity losses.
• Do an ergonomic assessment. Inefficient movements also are “non- value-added” activities that can cause high-severity losses. Improving ergonomics can lessen fatigue and increase productivity and efficiency.
• Implement a strategy for managing change. Confronting changes in the operation up front can reduce risk management expenditures and prevent losses.
• Educate senior staff on the fundamentals of risk management. Decision-makers who are knowledgeable about the purpose and benefits of risk management can be a business owner’s best allies.
• Discuss safety issues at management meetings.
• Review product safety. Many firms provide safe workplaces, but overlook the safety of their products. Product safety problems can have a significant business impact.
• Focus training on reducing specific losses and monitor success. Please call us for more risk management ideas targeted for your business. We’d be glad to help