It’s a risky world but brokers can help clients reduce the risk in their business By Michael Brennan of Aviva As insurance brokers risk is your business. And we all know that risk is everywhere – be it on the production area of a light engineering company, the shop floor or even in the office of a professional services firm, risk is all around us. In fact a recent Aviva survey highlighted that across the globe 66% of people think the world in general is more risky than it used to be. In Ireland that figure rises to 75% – the highest among all the countries surveyed. However the key thing to remember about risk is that it is manageable and simple steps in the right direction can make a big impression. In fact when managed appropriately, the effects can be transformational not only on the bottom line but on the triple bottom line of people, profit and planet.
The really good news though – apart from the fact that risk management is hugely cost effective – is that it’s straightforward. For Aviva, the country’s leading business insurer, and our commercial insurance broker partners, risk management is what we do, it’s our job. And, with over 100 years of experience in the Irish market and the financial strength of one of the world’s largest insurance groups, we take our job very seriously. Every year Aviva’s Business Risk Support Team, which includes 16 qualified risk managers and up to 30 engineers, work with companies across the business spectrum to help identify and then manage risk. This focus on risk will ultimately help to improve the claims profile of those businesses and make it a more attractive insurance proposition. Working with the broker and the brokers clients Aviva helps to identify the issues that could make a business unnecessarily risky
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and therefore more costly to insure. With extensive experience of dealing with flood, fire and general accidents, our risk managers are trained to firstly identify the hazards and then to support the business in assessing and controlling the risk as well as helping with training and completing a Safety Statement and safety plan. To help brokers help their clients start out on this journey Aviva has prepared a simple and easy-to-understand approach to risk management with some easy steps:
Step 1 Risk Assessments
This involves a simple process of selecting workplace hazards, assessing the risks to employees and others and checking what controls are in place to manage them.
Step 2 Employee Details
Most employers will capture this detail through their employment and HR processes but it is important to ensure that all relevant details including any specialist health needs are captured.
Step 3 Training Details
Keeping safety statements up-to-date and appointing a safety officer are key components of the health and safety legislation and these should be monitored on a regular basis. Keeping track of the training employees have received, such as fire and safety training, and diary future retraining as needed is also important.
Step 4 Creating a Safety Statement
This statement should include additional details such as the firstaid officer, supervisor details and safety officer. This can be printed locally so the most current safety statement is available at all times. Risks are present in all work activities and can never be totally avoided. However a simple process of identifying the main loss potentials to a business and managing the risks can be a very effective method of controlling exposures. Once you know what you are dealing with it is a lot easier to address the issues. If risks within a business remain unchecked and uncontrolled, you can expect losses, injuries and damage accidents to occur – resulting in claims and inevitably higher insurance costs. In contrast, businesses working with their broker and insurance partner can in a few simple steps reduce and in some cases prevent the occurrence of risk. To find out more how Aviva can assist you in managing your client’s risk and the range of commercial insurance packages available, please contact your Aviva Business Development Manager.