Risk Management Strategies

There are numerous physical strategies that an organization may implement to reduce their economic loss potential. The reduction of risks typically takes two general courses; reducing the potential of occurrence and or reducing the economic impact should the incident occur.

Controls may take many forms but four general areas are:

• Substitution for a less hazardous material or process
• Physical separation or barriers (guards, protective clothing, distance, etc.)
• Training of employees (both for awareness & protection/prevention)
• Warnings (visual & audible)

Policies and Procedures are typically developed to provide guidance as to implementation of the controls.

Most risk management strategies will employ a multiple number of controls to achieve the organization’s level of risk acceptance.

Lighthouse Insurance Group brings the capabilities of their Risk Management Department to bear, providing your organization with a comprehensive approach in the managing of the risks your organization is exposed to. We feel that Risk Management is so important that our services are not an “add on” but an “included with” service in your Lighthouse business insurance policy at…no additional charge.