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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
Ecclesiastical Insurance Group plc (EIG) Reg No 1718196. Ecclesiastical Insurance Office plc (EIO) Reg No 24869. Ecclesiastical Life Ltd (ELL) Reg No 243111. Ecclesiastical Financial Advisory Services Ltd (EFAS) Reg No 2046087. Ecclesiastical Underwriting Management Ltd (EUML) Reg No 2368571. E.I.O. Trustees Ltd Reg No 941199. EdenTree Investment Management Ltd (EIM) Reg No 2519319. All companies are registered in England at Beaufort House, Brunswick Road, Gloucester GL1 1JZ. EIO and ELL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 113848 (EIO) and 110318 (ELL). EFAS and EIM are authorised and regulated by the Financial Conduct Authority. Firm Reference Number 126123 (EFAS) and 527473 (EIM). EUML is an appointed representative of EIO who is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 402228.