Category Archive Risk Management

Minimizing the Risks of Sharing Your Yacht

A yacht is a significant investment, and some owners understandably seek to make those vessels profitable during the periods they don’t need or want to use them. One way to do that is by participating in a peer to peer yacht sharing service. However, if you’re thinking about taking that approach, it’s important to limit the potential risks. 

Risk Mitigation and Yacht Sharing

Start by speaking to your insurance provider and telling a representative that you intend to rent out your yacht to others. Even if you’re just thinking about that possibility, it’s wise to discuss the option with an insurer to see if it requires any policy adjustments. 

You’ll also need to thoroughly vet anyone who may share your yacht. There are always risks in letting people use things you own. Under the ideal circumstances, you’d only rent to individuals who can demonstrate evidence of their reliability and responsible behavior. 

Before seeing what opportunities exist in the world of yacht sharing, make sure your vessel aligns with all safety requirements and that you’ve done everything possible to keep occupants’ well-being in mind if an unexpected situation happens. 

Besides applying these tips, take the time to weigh the pros and cons of making your yacht available to those who want to use it. Then, you’ll be able to confidently make an informed decision about whether to proceed. 

Building Better With Risk Management

It’s no surprise that construction sites and work zones can be some of the harshest and most hazardous conditions to work in. After all, you’re usually required to wear protective gear such as hard hats and safety goggles to avoid injuries. Confined spaces, high scaffolding platforms and dangerous power tools also pose risks to the people who work in these environments. Experienced contractors understand these threats, but what about industry-specific exposures that can harm your bottom line? What plan do you have for risks to your projects and the way you do business?

Understanding Your Risks as a Builder

When you’re in the construction business, you need certain insurance products to manage and minimize your exposures:

  • Workers’ compensation: Covers the medical bills for workers injured on the job
  • Errors and omissions: Protects from claims of negligence or negative outcomes based on professional judgment
  • Builders Risk: Covers damages and losses to materials, equipment and property for an ongoing project
  • General liability: Addresses claims for third-party injuries and certain types of property destruction

A good risk management approach requires knowing your exposures and having a customized plan.

Covering Your Work

According to experts on builders risk and other insurance products, it’s important to understand the differences between coverages. You wouldn’t want to operate thinking that you’re covered only to find out that you’re not when it’s time to file a claim. Find a provider who understands your operational needs and can develop a solution that works for your business.

Risk Management

Risk Management in Social Work

Social workers face decisions that can have major and far-reaching implications on a daily basis. There is a risk of potential harm to clients— and possibly themselves — if a poor decision is made. That is why it is critical for social workers and companies that utilize them to develop and implement social work risk management strategies.

Risks Faced by Social Workers

The unique nature of the social worker-client relationship opens the door for potential conflicts and risks. The most prevalent ones include the potential to do harm o themselves or their clients. That may be physical, psychological, ethical or financial.

Strategies That Minimize Risk in Social Work

Although some will naturally be riskier than others, you should always assess the risks of each client intervention. Them, take steps to reduce any risks that are identified. It is virtually impossible to remove them all, however, so additional precautions may be necessary. The right insurance programs, designed specifically for social service providers, can help reduce liability and protect against claims.

Risk management plans are designed to assess and reduce potential areas of concern, not eliminate them. Expecting too much from a program can lead to serious problems. Instead, it is better to use your plan as a strategy for prioritizing actions to provide the highest level of care while also protecting yourself and clients from harm.

Grocery Stores

How Grocery Stores Can Manage Risk

Managing a grocery store requires outstanding service, great staffing, and comprehensive risk management. In order to protect your grocery store against liability and loss, you need to develop conservative practices and strategic safeguards. Comprehensive commercial insurance should be an integral part of your store’s risk management plan.

Choose the Right Level of Coverage

Grocery liability insurance should be a core part of your store’s operating budget and risk management strategy. It’s important that you structure your insurance to contain adequate coverage levels as well as affordable deductibles. Supplementing your insurance with umbrella coverage can give you an added layer of protection in the event that you have to contend with a sizable claim.

Incorporate Essential Elements of Coverage

While general liability and property insurance are certainly among the most important components of commercial policy for a grocery store, you may also need to consider additional forms of coverage. Workers’ compensation, auto insurance, and liquor liability policies can offer targeted risk management.

Get Expert Assistance

It’s advisable to work with an insurance company that has a longstanding tradition of serving clients in the grocery industry. In addition to providing you with competitive rates, it can impart valuable insight towards building effective risk management plans. An outstanding provider will offer guidance about accident prevention, loss prevention, and workplace safety.