Risk management is the identification, assessment, and prioritization of risks. It then involves the coordinated and economical application of resources to minimize, monitor, and control the probability and impact of losses.
Effective risk management activities create value and should be an integral part of your decision-making process. How does risk management impact your bottom line? Risk management provides the:
- Opportunity for better pricing on insurance premiums
- Chance to save out-of-pocket costs, like deductibles
- Ability to ensure a safe and stable environment for employees, volunteers, and customers
- Information to help you understand and be prepared for risks before losses occur
The insurance professionals at Millhiser Smith Agency have a variety of resources to help you build an effective risk management program. Contact us today to learn more.