Every organization is expected to various risks. While many of them are pure risks like Fire, Explosion, Chemical release etc., where some of them are speculative .Pure risks are handled as operational and safety issues by professionals and finance personnel have to address the risks arising out of failure of above operational and safety measures.
Together they need to ensure that the organization is able to withstand any risk or failure of the systems and can continue its operations without much struggle.
The Risk Management and Insurance Planning is required for any organization to review their risks management strategies and to opt for risk transfer measure like availing insurance covers etc. Many a times the coordination between the technical or operational departments and financial departments is difficult and an unbiased study to technical risk management measures adopted and insurance practices followed will help the management of the organization manage the risk effectively and profitably.
The detailed process of the clients business is studied and there under their respective risk inspection is conducted. Based on it a complete risk analysis is done thereafter and then suggest the required covers like Fire, Theft, and Machinery Breakdown etc., based on the type of business it carries out.
Once the detailed analysis of risk inspection is done we suggest the ways in which the severity of the loss can be minimized such as for example in the case of industries the risk mitigation can be done by considering the below features: