Insurance and risk management systems
Purchasing the appropriate insurance coverage for the business is an important element of the risk management plan, but it’s not enough by itself. Organisation must have policies and procedures in place to reduce risks to ensure your assets, reputation, financial security and operations can continue without interruption.
Insurance companies may view an organization more favourably if there is a stable risk management plan in place to minimize the impact of potential claims. It could even help in qualifying for reduced insurance premiums.
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