Linking insurance with risk management

Perhaps only 10% of risks can be insured. However, insurances that are not linked to business objectives through a good risk assessment may not give the expected protection. Our work helps clients ensure that their insurances will limit unacceptable financial consequences of insurable risks.

The need to further link insurances with business continuity planning and crisis communication is often overlooked. Experience shows that an otherwise good insurance programme may be let down by a failure to effectively manage business interruption or some liability crisis.

Some of our assignments have focused on the adequacy of the current insurance programme. Others have been detailed assessments of risks to assets or risks due to liability exposures. We have also carried out independent risk reviews for insurers to verify the insurable risks they are covering. Several projects have led to insurance broker reviews.

A wise buyer always thinks about what they are going to buy before starting their shopping trip.

Choosing a consultant is no different. Different consultants have different skills and experience.

Working through the attached guidance might help you think about your choices.