Common sense tells us that eliminating or greatly reducing a safety hazard’s impact is good for business. But what about business operations that carry an inherent degree of risk? How does a business owner, operations expert or finance executive effectively mitigate and simultaneously plan for incident occurrence?
Risk Assessment and Hazard Identification is a proven method of evaluating and correcting risk factors in a workplace or business operation. From Mom-and-Pop operations with one or two employees to large, multi-location companies with hundreds of workers, risk mitigation is essential to safeguarding employees, customers and the general public. Risk Assessment and Hazard Identification helps protect proprietary data and guard against production interruption. Risk mitigation is also an essential way of controlling insurance costs as well.
Risk Assessment and Hazard Identification can be a relatively simple process or, for large operations, can be a much more complex, formalized program that’s continuously reviewed and revised. Regardless of scope, an effective risk mitigation program keeps people safe, enhances productivity and helps control costs.
Risk Assessment and Hazard Identification involves five basic steps:
- Identify the risk
- Evaluate the hazards (probability, frequency, severity, etc.)
- Make a plan that eliminates or controls the risk
- Implement those controls
- Supervise, review and revise
Effective risk mitigation is an essential element in a successful business. It is foundational to many other protective measures, most importantly insurance. In fact, it’s often required by law for workers’ compensation and auto liability. Banks and other financial institutions may require a risk mitigation program in addition to liability insurance before approving a loan. For labor and operations-intense businesses such as agriculture, transportation, construction and hospitality, a comprehensive risk mitigation program is even more crucial.
Oakbridge understands risk. We’ve been working with our neighbors for close to a century, helping them reduce risk in their homes, businesses and communities. Our Risk Management team is particularly skilled at analyzing your business and its potential risk points, many of which you may not even be unaware of. Our years of experience have produced deep relationships with a wider range of carriers. We can tailor a risk mitigation program and effective coverage plan that meets your individual needs and helps you more safely conduct and grow your business.
We’re Oakbridge, deeply rooted in your success. Let us know how we can help your business thrive.