Cost of Risk

Minor Accidents = Big Money. How To Limit Exposure, Cost & Duration

Car accidents happen every day. Even the best drivers on the road may be in an auto accident at some point in their life. Regardless of how minor an auto accident may be, it can have a big impact on you financially if not reported in a timely manner to your insurance carrier. It's important to realize that if you’re involved in an accident, the other party involved has every right to make a claim on your insurance policy regardless of 

 

Workers' Compensation Fraud Prevention & Red Flags

Every year workplace injuries, illnesses and deaths cost our nation $170 billion according to OSHA. The National Insurance Crime Bureau estimates the cost of workers' compensation fraud as $7.5 billion annually. The best way to confront the problem of insurance fraud is through prevention, investigation, and prosecution. Over 

 

The Indirect Costs of Workplace Accidents

Accidents in the workplace are an unfortunate reality of the human element of business. Humans make mistakes, and occasionally these mistakes cause a workers’ compensation claim. The costs of these claims vary depending on the severity of the accident, and the more accidents that occur, the higher the cost. There are two types of 

 

Turning Insurance Into a Profit Center

Today, your company probably purchases insurance from the traditional insurance market. This process works for many companies, but for the right type of company there is a much more efficient model called a captive. Rather than allowing an insurance company to make an underwriting profit from your company’s great year of

 

Unlocking the Future of Fuel: Changing Variable Costs into Fixed Costs

Risk transfer. When those words are heard it is usually in the form of covering a potential loss utilizing insurance. A business provides funds in the form of a premium in exchange for insurance to cover the potential financial consequences of a hazard risk. However, there are alternative ways to transfer risk. One of those ways is known as hedging.

 

Liquidity Risk: A Ratio Story

You and your team have been working hard. Sales are up, as is company morale. Yet, you're still finding it difficult to meet your obligations in a timely manner. What is going on? Where can you find answers? A good place to start is with the balance sheet and a few ratios.

 

Here Comes OSHA

OSHA audits can be stressful and the citation penalties severe. But if you've developed good safety programs and are prepared for this inspection, costly partialities and downtime can be avoided. An official audit, or inspection, by the Occupational Safety and Health Administration (OSHA) can be tolerable, and even...

 

Risk Decisions: Properly Delegating Authority

Who makes decisions on risk in your business? How are those decisions made? I was having lunch the other day with a colleague of mine who is the risk manager of a large organization with a complex risk profile. The very nature of the company's operations makes risk management a primary topic in almost every conversation the company...

 

When Vendors Put You at Risk

Every business has vendors...suppliers, contractors, transportation providers, staffing agencies and other third-party organizations who support day-to-day operations. Not only do these vendors play an integral role in your business, but they also add complexity to your company’s overall risk. In the following video, learn how to protect...

 

Fuel Cost Control Strategies for Budgeting and Savings

For companies with trucks on the road today, one of the greatest risks is fuel pricing. Fuel costs make up approximately 39% of a motor carrier’s operational costs, making it the single highest cost center...even more costly than driver wages and benefits combined. A budget item of this size has got to be strategically managed.