If your company invests $50,000 or more each year to protect your business with insurance, then you need a risk manager. You could hire one in-house, but that could end up costing your business big time in a competitive salary and benefits. But what if you could have all the benefits of an experienced risk manager without the high cost of hiring one? Read our guide on outsourcing your risk management planning and how to get started.
What are outsourced risk management solutions (ORMS)?
Outsourced risk management solutions (ORMS) is a type of risk management planning where a company will hire an outside firm to manage their insurance and liability strategies. This method of risk management planning is ideal for smaller companies that may not be able to afford a full-time risk management planner on staff.
Does my company need risk management?
Every business, no matter how big or small, needs to have a plan for the worst-case scenario. Even if your business is completely online or doesn’t see clients in a physical location, you still need to have a strategy for unhappy customers or an error that could leave you liable.
How does outsourcing help with risk management?
The biggest reason most companies outsource their risk management planning to an outside firm is to save money. Following that is saving time, both the time spent either hiring a risk manager or training an employee for the role, by working with an experienced professional from the start. This way, your company has a comprehensive plan to mitigate any disasters quickly, giving you peace of mind.
Why outsource my company’s risk management planning?
You may want to consider outsourcing your risk management planning for your company if you are looking to:
- Save the money you would spend on hiring a planner, and potentially save money on your insurance premiums.
- Cut down the time you would spend training someone to handle your risk management by bringing in a professional from the very beginning.
- Have a complete plan for every potential catastrophe that could affect your business.
If you’re concerned that your business’s risk management plan isn’t strong enough to hold up to the worst-case scenario, you need to have a professional advisor review it. They can help you find any weak points and possibly save you money on your current premiums or help you find better coverage.
You can count on the insurance advisors at JAISIN to determine the coverage you need based on your risk factors, shop the market for competing quotes from several carriers and create a risk management plan tailored to your business.
You can have the best of both worlds, an experienced risk manager without the high price tag, by working with an outside risk management firm. Click or call JAISIN Insurance Solutions today to talk with one of our professional risk management advisors, and ask for a quote today.