As a business owner, one of your core responsibilities is managing risk.
Risk management can be difficult because you need to consider the risks in all aspects of your business. Fortunately, if you are an Acuity customer, you don’t have to do this alone as our team of loss control and industry consultants can help guide you.
What is risk management?
Risk management is the process of identifying, assessing, and controlling a business's risks, including workplace safety risks, market and financial risks to capital and earnings, reputation risk, and more.
How can a risk management strategy help my business?
The risk management process can help you make informed decisions about where to focus your resources to improve results by reducing the frequency of exposure, the likelihood of an incident when the exposure exists, and the severity of the outcome after an incident occurs. For example, consider the task of driving. You might decide to reduce the frequency of exposure by only making deliveries in a 10-mile radius and hiring a trucking company to make the rest of your deliveries. You might choose to reduce the likelihood of a vehicle accident by creating training and driver qualification programs. You might decide to reduce the severity of an accident by purchasing vehicles with excellent crash test ratings. By controlling your risks, you can minimize the cost of insurance claims, improve working conditions, boost your bottom line, and more.
What is loss control and how can a loss control visit help my business manage risk?
At Acuity, we offer loss control services to our commercial insurance customers at no extra charge. We don’t measure results by how many recommendations are made or how many times we visit an insured. We work as a partner to minimize or eliminate risk and help our customers achieve results by assisting with the risk management process.
What makes Acuity loss control different?
Our Loss Control Representatives are knowledgeable safety and insurance professionals who have college degrees, technical certifications, and an average of 25 years of experience in the field. During our visits, we conduct a risk management assessment for all lines of insurance.
It’s important that the insurance partnership is a good fit, so our Loss Control Representatives conduct loss control surveys during the quote process to determine if any risk management controls should be implemented. Visiting prospective accounts helps eliminate surprise recommendations made after the policy is written and allows our underwriters to fully understand the scope of operations.
Acuity Loss Control Reps have the freedom to provide loss control services to any account they feel needs help. For accounts not needing service, we reassess the account every few years and make sure any new exposures are identified and controlled. Our Loss Control Reps also spend time analyzing past losses to determine trends, potential problem areas, and potential solutions.
How much does it cost to have loss control visit my business?
It is free if you are an Acuity customer! Our representatives will come to your business and can perform the following at no cost.
What about other non-safety risks—can you help me manage those?
Absolutely! We have industry consultants for retail, trucking, construction, manufacturing, and agriculture. These individuals have at least 25 years of experience in their respective fields and can provide knowledge around business operations, time-management, leadership training, and more!
To learn more about our risk management services, visit our website. You can also talk to your independent agent about requesting a loss control or industry consultant visit.