Risk Management Services
Commercial insurance is a ‘Risk Transfer’ mechanism and acts as the last ‘line of defence’ in a company’s Risk Management Strategy.
Alongside the procurement of insurance, your organisation should adopt a strategy which includes consideration to Risk Avoidance, Control and Acceptance / Retention.
what risk control tools could you utilise?
At Monteith, we work with a range of Risk Management partners, providing our clients with access to a number of tools that can enable you to make informed decisions to operate and protect your business.
Business protection audit
Our specialist team can evaluate and advise on solutions to protect your key people, executive and Shareholders.
Business continuity planning
Ensures your business is able to maintain or reinstate the delivery products and services, regardless of what disruptions or events you might face.
Cyber risk analysis
Suite of risk control services that collectively help you to understand cyber risk and facilitate the placement of relevant support solutions and actively control your data risk management.
Health & safety
Including audits, training, and documentation assistance. Together with inhouse Insurance Risk Management Surveys.
Business interruption (BI) adequacy review
Our advisers can provide you with the tools to accurately calculate the amount of BI cover you require based on the policy you have in place.
Employee engagement
Encompassing health and mental health, the survey will enable the team to glean key details about your people risks in order to provide comprehensive advice and support.
Rebuild cost assessment
Provides accurate buildings sum insured in order to maintain your business or family resilience.
Risk Retention
As part of building an effective insurance programme, your business may wish to retain more risk. This can be achieved through selecting a higher excess limit (the amount you are liable for before insurance coverage kicks in) which in turn can result in premium savings. We will work with you to build an optimum retention level by:
Assessing risk tolerance
Choose an excess level based on how much risk your company is willing to retain.
considering financial impact
Ensure your company can afford potential out-of-pocket costs.
evaluating claims history
Adjust the excess based on past claim frequency and severity, including an indication of your potential liability based on past claims experience.
Annual review
Re-evaluate excess levels annually to stay aligned with changes in your business.
