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Property loss inevitably involves uncertainty. Fires, explosions, floods, windstorms, terrorist attacks, employee sabotage, machinery breakdown, — the list of events leading to a property loss can be lengthy. Many are unpredictable. Unfortunately the consequences can be devastating to people, corporations, operations, and businesses for a long time.
In this uncertain environment, loss control strategies are about staying in business, no matter what. Decisions around loss prevention and control involve understanding the impact, the business implications, and driving a process to provide the needed cost-benefit analyses. Understanding an organization’s goals, business objectives, and industry challenges is key to building a loss control program that is effective and enables a company to manage their property-related exposures.
What Will You Say When They Ask What Happened?
No matter where you start, the process of implementing a sound property loss control program can require significant commitment in capital and resources. Sometimes the initial efforts around loss control and prevention can be seen as a financial drain to an organization, which may lead to the perception that loss control is unimportant. In fact, the very opposite is true. Experience has shown that organizations that do not truly commit themselves to a rigid program of loss prevention and control may very well find their facility the lead story on the evening news.
Executives interested in protecting and enhancing the value of real assets across their enterprises should be asking themselves questions such as:
- What is our overall strategy for property loss control?
- How have we incorporated this strategy into our business processes?
- Do we have a senior management team that is committed to preventing losses or are they ignorant of the concepts?
- Are we able to assess, quantify, and prioritize our enterprise-wide property-related exposures?
- What process is employed to drive property loss control improvement? Who in the organization is involved in this initiative?
- Do we have the resources necessary for implementing strategies to mitigate risk and control costs?
- Are we able to capitalize on opportunities to enhance operational and financial efficiency?
- Do we understand the regulatory challenges facing our industry?
- What strategies do we employ when evaluating risk — insurance, operational, strategic, engineering?
Who's Looking Out for You?
Marsh can help you achieve a greater control over the design of your property risk control management strategy that is aligned with your business. From property and hazard risk assessments, and reviews, natural hazard assessments and business interruption interdependency studies to management program design and effectiveness assessments, our services can help you develop a sound strategy aligned with your business goals and objectives.
Marsh offers a comprehensive array of services to address the key risk factors affecting your real assets and operations. Applied individually, or integrated in strategic combinations, our services provide focused analysis and specific recommendations for mitigating exposure at every phase in the property lifecycle — from planning, construction, and maintenance, to operations, renovation, and sale.
Our risk professionals are steeped in the regulatory, technical, and business challenges facing every major industry. We monitor research developments, building codes, and federal, state, and local regulations to offer risk solutions that reflect the latest standards and best practices. Our experience and expertise can help you establish your risk profile and risk management strategies for mitigating property-related risk.
If you have any questions or would like additional information, please contact us.
If you are seeking information about insurance and related services, please visit marsh.com.
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