Business risk surveys
Business risk surveys can assist with your insurance coverage and premiums
Business owners are increasingly challenged by the costs of insurance premiums, obtaining reasonable insurance terms or retaining insurance coverage. A business risk survey can assist by demonstrating proactive risk management, continuous improvement and corrective actions which will assist with due diligence and informing risk evaluations.
We conduct business risk surveys to showcase risk management
We conduct business risk survey reports to validate what risk controls are in place in the areas of business operations, asset protection, public liability and workplace health and safety. Our reports are comprehensive, targeted, timely and affordable.
Demonstrating effective risk management supports positive insurance outcomes
Risk surveys play an important role for business owners and insurers in determining risk and liability exposures, informing risk evaluations, informing insurance terms and providing business owners with an opportunity to demonstrate effective risk management of their business operations.
Insurance brokers and insurers are increasingly requesting business risk surveys
Business risk surveys are increasingly being requested by insurance brokers and insurance companies to accompany insurance renewals and quotation requests.
The current insurance landscape has seen a spike in catastrophic claims globally which has contributed to a hard market. This coupled with changing technologies, new business models, asset reliance, people and safety requirements and continuity challenges has changed the way risks are assessed and considered.
In simple terms, this means that insurers have reevaluated the risks they are prepared to underwrite and in some cases have completely withdrawn from some sectors.
This has also placed an increased level of rigor and assessment on liability risks including business operations, asset management, workplace health and safety, contractor management, production, business interruption and continuity.
This is where business risk surveys play an important role.
Demonstrating risk management and continuous improvement
This highlights two important factors for business owners:
- Establishing the necessary risk management provisions for their business operations and liability exposures; and
- Proactively demonstrating or “showcasing” these risk management provisions which may include systems, structures, engineering, compliance, safety, prevention and response and business continuity controls
An independent business risk survey can assist all parties with understanding the business risk profile as it provides a number of key benefits:
- Targets key areas of risk (relevant to the business and liability exposures)
- Validates risk controls (elimination, reduction, mitigation)
- Identifies risk vulnerabilities and exposures (absence of controls, gaps in controls, noncompliance)
- Recommendations to address risk vulnerabilities and exposures (corrective actions, risk controls, compliance requirements)
Where businesses have sound risk management provisions in place, the survey will formally capture and report on this. Where risk exposures are identified, the survey will provide recommendations to assist with addressing vulnerabilities and exposures.
Our risk survey management program
Business risk surveys form part of our insurance risk survey and management program which includes (but is not limited to):
- Property risk
- Business risk
- Operational risk
- Business interruption
- Asset protection
- Public safety and liability
- Workplace health and safety
- Thermal imaging and diagnostics
The way we conduct risk surveys:
Our approach for conducting business risk surveys includes information gathering, review of compliance processes and documentation, risk control validation and a physical inspection (site visit) of the business operations and facility.
The business risk surveys are comprehensive and typically capture:
- Business operations
- Business critical equipment and assets
- Facilities and workplace environment
- Workplace health and safety and compliance
- Security systems and infrastructure
- Fire equipment, systems and compliance
- High-risk areas, equipment or activities
- Business interruption and continuity
Our business risk survey report includes observations, risk controls, exposures and recommendations to address risk vulnerabilities.
The survey content and structure is aligned to Australian standards for risk management, work health and safety regulatory requirements and industry structures including COPE structure (construction, occupancy, protection and exposure).
A simple process to conduct your risk survey:
We keep the process simple so that we can conduct our business risk surveys efficiently, effectively and comprehensively:
- We arrange a date and time that suits you for a site visit to conduct the risk survey.
- We request and review preliminary information and documentation in preparation for the site visit.
- We conduct the risk survey during the site visit including physical inspection, risk information gathering, documentation citation and risk control validation.
- We provide a risk survey report capturing observations, risk controls, exposures and recommendations to address risk vulnerabilities.
Leadership is risk, safety and management consulting
Simplifyrisk has worked with some of Australia’s most prominent organisations including the Australian Grand Prix Corporation, Netball Australia and the Australian Red Cross.
Our ability to simplify the complex, facilitate change and tailor our approach to our clients’ needs is what we are known for and the reason our clients continue to engage us.
Our staff are seasoned risk management, health and safety and management consulting professionals having worked across a wide range of business sectors for over 15 years.
Sector experience includes:
- Government
- Insurance
- Agribusiness
- Major events and sports
- Tourism and hospitality
- Marketing and entertainment
- Not-for-profit and community
- Telecommunications
- Assets and facilities
- Manufacturing
- Roads and infrastructure
- Construction
In addition to this, we are recognised for our ability to facilitate and deliver comprehensive business risk survey services to private, commercial and insurance entities.
Our portfolio of business risk surveys and property risk surveys have captured:
- Workshops and fabrication
- Manufacturing
- Warehousing and storage
- Tourism, recreation and sports
- Commercial properties and tenancies
- and more…..
We pride ourselves on being flexible, affordable and timely in what we deliver.
Get in touch to arrange your business risk survey
Contact Simplify risk on 0417 895 215 or email ryankellen@simplifyrisk.com.au to discuss our services in more detail or to arrange a business risk survey.
More information and testimonials
If you would like more information, please get in touch. If you would like to see what other organisations have to say about working with the Simplifyrisk team, refer to our testimonials page https://simplifyrisk.com.au/client-testimonials/