Risk. It’s an inherent part of business. The choice to start or join a business leads to yet more choices and decisions, all of which open up organizations to risks.
Leaders and decision makers take basic steps to protect their employees, businesses and reputations: cyber security, legal protection, insurance. And while these steps form a strong foundation of protection, you may still be exposed if you’re not being strategic about your loss control planning.
Avoid Insurance Claims
Loss control planning means your organization is taking the steps to avoid potential insurance claims. Though your insurance program is in place to protect your business, creating a proactive, goal-based strategy with commitment across the board can set the processes in place for a more profitable, successful business.
Compliant vs. Proactive
Being compliant may keep your organization in line with legal oversight, but it is often a reactive approach to loss control. Organizations need to start moving to a strategic loss control approach.
This transition from tactical to strategic is not about simply checking the boxes of a safety policy review or site inspection. Being strategic about your loss control allows you to plan for the long term through setting goals and planning actions, ensuring that your plans are aligned to broader businesses operations.
Moving to Strategy
Overall, creating a strategy means engaging the right resources at the right time for the right results. Once you have the experts in place, some standard practices will ensure your success.
Make the Time
Strategy isn’t something that can be built and deployed overnight. There needs to be an investment of time so you know you are applying the right tactics and reaping the rewards.