Risk management is a blanket term describing all kinds of risk.
We use the term risk control to talk about targeting and controlling an individual risk.
When a risk is identified in your business, we assess:
- The likelihood it will happen
- The severity of the loss to your business
Using this formula, we can create a measurable scale of potential losses in your business, based on clearly defined risks.
That done, we can apply the resources that will meet the threat.
Here's an example of risk control in action
If your premises are in an older building with old wiring, fire would be a significant risk.
We can measure what protection you have and what you need, such as:
- Fire alarms and monitoring
- Hose reels
- Evacuation procedures
- Contingency planning
Then we can make sure you have covered all the bases to adequately control the risk.
Starting a business?
View the top insurance risks for business, according to Aviva and HSA statistics.