What is risk management?
Risk management involves assessing risks and then taking steps to either eliminate or to reduce them as far as reasonably possible.
What is a risk?
In health and safety terms, a risk is the chance that a hazard will cause something harmful to happen – for example, a slipperly path remains a hazard as long as no on goes near it. But when there's the possibility of someone being injured, the hazard becomes a risk.
In insurance, we tend to use the word ‘risk’ more widely. We also use it to describe the things we’re asked to insure, such as people having accidents; loss of property or possessions; or damage caused by perils such as fire, storm, and theft.
Our approach to risk management
At Ecclesiastical, we think that effective risk management can help prevent losses. That’s why we think it’s important to look at how your business manages risk as well as looking at the general risks facing the specific industry you’re in.
We believe this provides a better guide of the real level of risk involved – after all, if you manage risks well, there should be less chance of you suffering a loss from them. And because we look at risk in this way, it means that we can aim to reflect your proactive approach to risk management in your insurance premium.
Find out more about some of the ways Ecclesiastical can help you manage risks in our risk management advice section.
Contact your broker about Ecclesiastical's specialist insurance products