What is Risk?
A Risk or Hazard is anything that may have the potential to harm the health or safety of a person, the business assets or its ability to continue trading.
How do I Manage or Reduce Risk?
1. Transfer Risk
- INSURANCE: Having suitable and a well considered insurance policy is the primary way to protect your business from the risks associated with your trade.
- INDEMNITY Certain Types of Business or Venues are advised to seek letters of indemnity which is a letter guaranteeing contractual provisions will be met, and the Principal (your business) will not be liable for any breach by them. The principle behind a letter of indemnity is the guarantee that losses will not be suffered if certain provisions of a contract are not met.
- SUB-CONTRACTORS Ensure that any contractors that you have working on your behalf or entering your business to provide services are fully insured and any loss or injury attributable to their actions is insured and you have a right of recourse against their policy.
2. Suitable Protections
Ensure you mitigate against risks that might happen by reducing hazards and protecting the public, your assets and your people.
Examples of protections include
- Fire Alarm, Hose Reels, Extinguishers
- Burglar Alarm & Suitable Security to scale with your business
- Personal Protective Clothing
- Safety Guards on Equipment
- CCTV & Storage procedure
3. Suitable Procedures
- Health & Safety Statement
- Risk Assessment for each site, location or event
- Managing the work & public environment – such as cleaning
- Training & Induction of staff
- Ongoing & Appropriate occupational training such as Manual Handling
- Appointed Safety Officer / Person responsible
- Maintenance Plans for equipment & premises
- Contingency Plans & Disaster Recover Plans
- Ensure Production or delivery deadlines for staff are realistic
Our Risk Management Services
Brady Insurance act as your advisors and whilst we are insurance experts we have comprehensive knowledge to direct you in the development of your risk management plan, Our services include:
- Contribute to the identification of insurance risk
- Undertake a thorough evaluation of your insurance programme
- Check the adequacy of your contract wordings
- Help you identify trends within insurance risk
- Introduce additional professional advice as required
- Achieve results in reducing insurance premiums & wider covers
Examples of Losses
Health and safety
- Slips, trips and falls
- Manual handling injuries
- Falls from heights
- Plant and equipment injuries
- Falling objects
Property and business interruption
- Fire and smoke losses
- Security and theft
- Flooding and storm damage
- Arson or electrical damage
- Business continuity failure & loss of income after a large loss
Road risks
- Poor driver training
- Poor or improper vehicle maintenance and upkeep
- Unsafe use of mobile phones
- Speed and driver inexperience
- Unrealistic delivery schedules and time pressures