The Risk Reduction Plan is the most important aspect of controlling costs. Deland, Gibson works with clients to annually (or as often as necessary) identify, organize and address risk – to lower the Total Cost of Risk. Taking these steps and following through on a plan shows the dedication to risk that makes the underwriters take notice. We are able to leverage this when putting together your insurance program because underwriters do not often get the level of information that we will provide them.
The Risk Reduction Plan will address:
Strategic Risk – a threat to the value of the company
Business Risk – risks of the operations, policies and procedures
Hazard Risks – direct physical loss
Workforce Risk – return on human capital
By controlling all types of risks, the indirect costs of a risk are lessened. Some of the greatest costs of risk can end up being ones that you typically do not insure. Opportunity costs and reputational costs can be devastating to a company. These should be proactively managed and the Gibson Risk Improvement Planning is a leading edge process to protect firms from risk.