While still (and understandably) approaching risk from a discernibly insurance -centric perspective, it’s refreshing to see our colleagues at the Insurance Bureau of Canada embracing a more holistic approach to Risk Management.
As I wrote in a previous article, Risk Management is NOT insurance. It remains, however, a vitally important risk financing tool. Along with other strategies, it can mitigate the negative effects of a loss by paying for many of the associated costs, and keeping you in business.
What insurance can’t directly do is encourage effective business decisions, position businesses to pursue unexpected opportunities, or prevent negative events causing a loss. When combined with an effective and fully integrated risk management program, however, insurance is a great way to help ensure the long-term success and security of your business. I encourage you to check out the Insurance Bureau of Canada’s article, Risk Management .
At Enlightened Business Risk Solutions, we know risk, and the best ways to reduce it. That includes in-depth knowledge of appropriate insurance products, limits and deductibles. We don’t sell insurance, so we’ll only recommend what you need, but if it’s right for your situation, we can point you to reputable brokers who have the expertise you need.
Want to know more? I’d love to hear from you. If you have questions, comments or want to geek out about risk management, contact me, Chris Maclean, at: