The most important financial risk for most businesses today is vehicle liability. Why? It affects everything: the bottom line, competitiveness, pricing, and most important, the company’s assets. And it therefore impacts the potential growth of the business.
For most small businesses, a major liability claim – someone killed or seriously injured in a crash – can drastically change the financial condition of the company. In a moment! If your employee is driving a vehicle on company business, YOU are probably responsible for what THEY do! Whether it is a company or personal vehicle.
The first step is to recognize the risks. There are multiple areas of risk, and many things a business owner can do to decrease the risk. If you recognize this, you have done more than many businesses.
The objectives are:
- Identify the risks
- Implement effective strategies to manage the risks
It is called Risk Management for a reason! But you need to know what you can do about it!
When a company has to “use” their coverage, someone has to pay for it in the future. Underwriting is done by insurance companies on the basis of their “experience” with that business. Premiums are based upon experience!
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