ROBUST (Risk Management and Insurance) Principles
Today Risk Management is a key area for organisations and one that continues to grow. Here are some sound principles to assist you.
One of my favourite advertising strap lines in recent years from Scottish Widows was ‘looking good for your money’. When they changed that to ‘preparation is everything’ I was disappointed. But when I thought about it, I realised that it really encapsulates how we should think about our insurance protection. Forget the diets, going to the gym, finding a new job etc., just make sure your insurance is robust for the year ahead. Good planning now could save you time later in the year.
Here are some key principles to have ROBUST Risk Management and Insurance:
Are your insurance policies sufficient for your future events/business activities? Are the wordings wide enough and are there are limitations as to countries where you can hold your event? We recommend that if you are in any doubt you make a quick couple of calls to establish where you stand.
It is great when you win a new event contract or tender, e.g. it could be your first time organising an event in China so, as above, check that your cover isn’t lacking. If you incorporate risk management thinking into new contracts/tenders you will not go far wrong.
Ensure that your business/event is fully and clearly described to insurance companies. Sometimes people can be tempted to provide only limited information to insurers but the best advice is to let them know all that will be happening at your event/business. If your plans change let them know. Any ambiguity could lead to a claim repudiation which is not a position you want to be in.
Utmost Good Faith
One of those insurance principles that mean that both parties – Insurer and Insured have to make sure they have all the details of the contract – simply put make sure your insurer knows all the activities that you intend to have at your event and make sure you understand your insurance policy.
If you have bought any new equipment recently then we recommend that you check that the policy limits are adequate for you. No point in being underinsured as you may suffer if there is a claim. By the same token reductions in your requirements may affect the insurance premiums you are required to pay.
Also check that the Public Liability Limit of cover you have will allow you access to a venue/location. Increasingly venues may not allow you in unless you can evidence sufficient insurance to meet their requirements.
Allow your insurers enough time to issue any evidence of insurance you need. As above you may need this to gain access to hold your event. Last minute pressures we can all live without, so don’t add stress to your an already stressful situation.
This year, make your life easier with a little forward planning. Manage your risks and enjoy some peace of mind with a really ROBUST approach.