Using integrated business risk management will lower and stabalise insurance costs.
The link between Insurance and Risk Management is often overlooked. However, the benefits to you are clear. Reducing risk reduces events that would lead to insurance claims, making your business more attractive to insurers and maintaining low premium costs.
In addition there are hidden costs that can be eliminated such as:
- Reduction in lost working time
- Avoiding fines & penalties
- Reduction in uninsured expense such as excess points
Finally, Risk Management can bring improvements in productivity and profitability through
- Improved brand strength
- Improved employee morale
- Ability for businesses to take managed risk and create opportunities.