Riskbly’s Post

In the chess game of business risk, sometimes the best move is to transform the board entirely. Imagine not just challenging your insurance company but becoming one. Captive insurance allows you to do just that—turn the tables and take control. This powerful strategy isn’t just for the elite; it’s a smart move for companies looking to reduce costs and gain an edge. Dive into the world of captives and discover how owning your insurance can be the game-changer you’ve been looking for to optimize your risk management. Laidley Gordon Risk Advisor Risk Management Advisors Email: Lgordon@riskmgmtadvisors.com Phone: 949-536-8184

Effective Risk Management in Insurance: Mitigating Uncertainty. As an insurance professional, i know that risk is an inherent part of our business. But effective risk management is crucial to minimizing losses, maximizing returns, and building trust with our clients. In today's fast-paced and ever-changing insurance landscape, it's more important than ever to stay ahead of the curve when it comes to risk management. This means: - Identifying and assessing potential risks - Implementing robust risk mitigation strategies - Continuously monitoring and reviewing risk management processes - Staying up-to-date with industry trends and best practices By prioritizing risk management, we can: - Enhance policyholder protection - Improve business resilience - Drive growth and profitability - Build stronger relationships with our clients and stakeholders Let's work together to elevate the importance of risk management in our industry. Share your thoughts and experiences on effective risk management strategies in the comments below! Let's connect and #subscribe to the Insurance 4Cus Podcast on YouTube via the link 👉👉👉https://lnkd.in/di-uihi3 #RiskManagement #Insurance #RiskMitigation #PolicyholderProtection #BusinessResilience #GrowthAndProfitability #TheInsurance4cuspodcast #InsightfulCoverage #curiousminds

What is risk management and why is it important? Risk management focuses identifying, analysing and minimising risks that impact your business. A significant part of that is buying insurance cover which will help put you back on your feet again should an insured loss occur. Take a look at how we can you help. #insurance #insurancebroker #broker #risk #riskmanagement #insuranceclaim

Growing companies can leverage proactive risk management to control insurance costs and ensure their program scales alongside their business. This involves identifying and mitigating risks, fostering a risk-aware culture, and continuously improving. As your company matures, you can explore various risk financing options on the "risk continuum," ranging from guaranteed cost plans to self-insurance, to find the best fit for your risk tolerance and financial goals. Consulting a professional can help you navigate these options and choose the most suitable one for your company. Interested in learning more? Check out our blog post below from iCOR's Wesley Trimpe that helps identify proactive risk management strategies, and explains how a company can evolve throughout the risk continuum.

Risk pooling is a risk management strategy in which a group of individuals or entities collectively shares the financial risks associated with various events. This strategy is commonly used in insurance to spread the potential financial impact of losses among a larger pool of policyholders. The basic idea behind risk pooling is to reduce the financial burden on any single individual or entity in the face of unexpected events. Insurance companies use actuarial principles and statistical models to assess and manage the risks associated with their policyholders. The success of risk pooling depends on the accurate estimation of potential losses and the ability to set premiums at a level that ensures the financial stability of the insurance company while providing fair and competitive coverage to policyholders.

Often businesses get tunnel-visioned with simply looking to improve their top line growth, often taking a reactive approach with controlling their bottom line. Proactively scheduling out periodical reviews of your risk management strategy can help scale your bottom line appropriately, and also avoids surprises in financial recalibration.

In today's dynamic business landscape, risk management is paramount for sustainable growth. Errors & Omission (E&O) Insurance serves as a crucial component in safeguarding businesses against unforeseen liabilities and financial losses. By mitigating risks associated with professional negligence or errors in service delivery, E&O Insurance provides a safety net, ensuring continuity and resilience. It's not just about protection—it's about empowering your business to navigate challenges confidently. Invest in peace of mind and fortify your risk management strategy with Errors & Omission Insurance from Wages Corp today. #WagesSupport #BackOfficeExcellence #SMBPartners #BusinessSolutions #HRSupport #RecruitWithWages #CoEmploymentAdvantage #EORServices #AdminSolutions #PayrollFunding #HealthBenefitsHub #SMEAllies #EfficientBusiness #WorkforceWellness #CanadianStaffingSummit #WagesCorp

Risks that were hardly reported just a few years ago are being increasingly brought to the attention of insurance underwriters, brokers, and policyholders, according to new data. As well as highlighting the Top 10 most common risk management interventions, RiskSTOP's new 2024 Risk Management Infographic looks at the key emerging risks over the past 12 months. Check it out..... https://lnkd.in/eQPicgRn #RiskManagement #EmergingRisks #Underwriter #Broker #Insurance

Risk Management in Insurance: The Unsung Hero of Business Resilience. In today's fast-paced and ever-changing business landscape, risk management is no longer just a nice-to-have, but a must-have for insurance companies and their clients. Effective risk management strategies can mean the difference between business resilience and catastrophic failure. As an insurance professional, you know that risk management is about more than just mitigating potential losses - it's about identifying opportunities for growth and innovation. By staying ahead of the risk curve, you can: Protect your clients' assets and reputation Drive business growth and profitability Stay competitive in a rapidly evolving market So, what's your risk management strategy? Are you staying ahead of the curve or playing catch-up? Let's connect and discuss how we can work together to build a more resilient future for your clients and your business. #RiskManagement #Insurance #BusinessResilience" #RiskManagement #Insurance #BusinessResilience #InsuranceIndustry #RiskMitigation #BusinessGrowth #Innovation

No Claims, Know Risk Management? Your business has had zero claims. Congratulations. This is a nice achievement, but it doesn't mean that you're a good risk or are practicing good risk management. Take me for example, last week I trimmed my yard. I didn't wear safety glasses and guess what...I didn't lose my eye site. If you only looked at the outcome of my activity- you could say I'm a great risk. But clearly, I'm more of a "claim waiting to happen". This is what underwriters fear. They fear being the one holding the bag, when your good luck runs out. So if you've had no claims, again nice job. But make sure you're doing this as well: 1) Ask yourself, Have we been lucky or are we good? 2) If you're lucky, make the necessary improvements. 3) If you're good, make sure you let the underwriters know WHY you've had no claims and WHAT you're doing to make sure you'll continue to have no claims. Don't rely on a clean loss history to tell your story. If that's all you rely on you're missing out on a good opportunity to increase underwriter interest and ultimately reduce your insurance costs.