Insurance works by transferring your risk of loss to your insurer, in exchange for a regular premium.
But what affects your premium?
- Your claims history
- Your risk management practices
When you identify potential hazards to your business, and put in place a strategy to protect your business from those hazards, you can minimise your risk.
That means you’re less likely to suffer serious losses – and allows your insurer to offer you a better deal.
Business risks usually fall into three areas
Health and safety
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.
Aviva Insurance Ireland Designated Activity Company, trading as Aviva, is regulated by the Central Bank of Ireland. A private company limited by shares. Registered in Ireland No. 605769. Registered Office: Cherrywood Business Park, Dublin, Ireland, D18 W2P5.