Is Crisis Management a Part of your Risk Management Plan?
Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risk they impose. Your company can face internal risks and external risks. Examples of internal risk include HR/Labor relations, contractual risk, and succession planning. External risks include regulation changes, competition, and legislation changes, just to name a few.
Having a solid risk management program has numerous benefits, including protecting your company’s future, protecting your employees, and reducing business liability. Crisis Management protocols help in addressing external risks and are key components of any strong Risk Management program.
In today’s ever-changing climate, it is critical to be prepared ahead of time for events like liability claims, major accidents, community crisis, environmental hazards, and negative media attention. In these situations, it is imperative to have a well-developed and rehearsed Crisis Management plan, as well as several variations to the plan. These variations should cover any emergency you might expect to encounter.
Crisis Management issues to consider include:
- Crisis Communication Plans
- Fatalities and Serious Injury
- Terrorist Threats
- Civil Unrest
- Labor Disputes
- Media Management
- Fire/Explosion Response
- Environmental Crisis
- Specific Severe Weather Event Response
- Bomb Threats
- Workplace Violence
- Active Shooter Situations
- Building Shutdown
- Building Collapse/Failure
Crisis Management planning is a complex subject that requires a multi-disciplinary approach. If you have not had this discussion with your insurance broker yet, you should make the time to sit down and address it. Interested in learning more about making crisis management a part of your risk management plan? Reach out to TSIB today and schedule a free consultation with one of our Risk Advisors!
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County
Image credit: shutterstock.com/88studio
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