Risk audit in business and optimization of your professional insurance products
Professional insurance audit A business, whether individual or one with hundreds of employees, is a living organism. She was born, developed, went through ups and downs for decades. During this time, it is subject to risks which vary considerably in nature and importance, depending on the changes it decides or undergoes.
Compulsory or optional insurance covers the risks identified at time X. It is therefore essential to carry out a periodic risk audit to update your professional insurance and have adequate coverage.
When to reassess occupational risks
Any change in the "routine" of a business must be the occasion for a new assessment. Be careful, there is no question here of restraining the entrepreneurial spirit, for fear of the risks that may arise. The intellectual process is comparable to that of an expedition leader in the Himalayas. Once the decision has been taken, he will bring together the material and human resources. But above all, he will list the risks and find solutions (mountain sickness = hyperbaric flexible chamber, accident = evacuation contract by military helicopter, etc.). The approach must be identical for the manager during the changes and the opportunities offered to his company.
The obvious risks ... and the hidden risks
The first are straightforward and are often the result of decisions made by the company: increases in stored goods, new machines, addition of dangerous products to the catalog, hiring of traveling salespeople with company vehicles, contracts with foreign countries (export insurance ), etc.
Hidden risks are more insidious because very often they do not depend on the company, but on its environment. Let us take a few examples.
The business is covered against flooding at x point in time. A few years later its environment was completely modified, by new constructions which increased the risk (waterproofing of the soil). The level of risk covered by the insurance having been modified without her being informed, the latter will reimburse according to the contract, even if the damage is significantly higher. Also discover our article explaining how to get compensation in the event of flooding.
The company receives a request from a new customer located outside the Euro zone. The selling prices are calculated taking into account the currency exchange. Over the months and years the orders accumulate and the turnover increases. And then one day without warning, a sudden change in the exchange rate. This benign risk on the first orders can put the business at risk later on. It must imperatively be covered by insurance against variations in exchange rates.
How to cover new risks
Identifying and quantifying a new risk is the sole responsibility of the company (and not of an insurance salesperson). Then comes the request for an estimate based on well-defined specifications. This allows a price comparison on identical bases.
However, it is useful to know the main risks facing businesses, for this purpose we suggest reading our article on business risks and the professional insurances adequate to cover these risks.
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