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Enhancing Risk Management Strategies for Businesses

Join David LaRiviere, Branch Manager and Senior Vice President at Conover Insurance, for an insightful presentation on improving your position in the likelihood of risk exposure. This session covers various risk exposures including auto, property, and cyber liability, along with effective strategies for risk transfer, retention, and exclusion. Explore the history of insurance, common risk management practices, and emerging trends in the industry. Learn how to implement robust loss control measures and ensure compliance with regulations to protect your business effectively.

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Enhancing Risk Management Strategies for Businesses

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  1. RiskManagement: Improving One’s Position in the Likelihood of Risk A presentation for: Presented by: David LaRiviere Branch Manager & Senior Vice President Conover Insurance

  2. Risk Management • Exposures (auto, property, premises, employees, products, fiduciary, data, fire, theft, etc.) • Dealing with Risk (transfer, retain, exclude) • History of Insurance • Early forms date back 5000 years to Mesopotamia. • In 1688, merchants gathered at Edward Lloyd’s coffee house in London and began the first true insurance marketplace. • Cargo moved by ship. • Shipment moved by truck.

  3. Exposures and the Transfer to Insurance Property • Buildings/Contents • Business Income/Extra Expense • Code/Decreased Cost of Construction • Property of Others • Quake/Flood • 9/11 Occurrence

  4. Exposures and the Transfer to Insurance Inland Marine • Equipment • Rented/Borrowed Property • Technology • Transit • Signs • Accounts Receivable

  5. Exposures and the Transfer to Insurance Liability • Bodily Injury/Property Damage • Premises • Named Insured Changes • Professional Liability (Inc. Entity)/E&O/D&O/Fiduciary/Abuse/EPL • Volunteers • Pollution/Buy Property/Donated Property • Stop Gap

  6. Exposures and the Transfer to Insurance Liability • Cyber • Foreign • Employee Benefit Liability • Excess • Vendors • Commercial/Leases

  7. Workers Compensation Workers Compensation • Monopolistic State • Stop Gap • Temporary Workers • Leased Employees

  8. Exposures and the Transfer to Insurance Auto Liability • Collision • Comprehensive • Non-Owned Auto (Employees and/or volunteers using their own vehicle for company business) • Hired Auto Property Damage • Lease Value • Drivers (MVRs) • Cell Phone/Texting

  9. Exposures and the Transfer to Insurance Crime • Money – On/Off Premises • Employee Dishonesty (Volunteers not covered) • Computer Fraud/Wire Transfer

  10. Loss Control of Risk • Attitude • Property • Maintenance, housekeeping, security, electrical, fire drill • Inland Marine • Security Technology/Transit • Liability • Background Checks • Certificates • Review Leases • Education • Safety Committee • Finger point

  11. Loss Control of Risk • Auto • Maintenance • Drivers • Volunteers • MVRs • Driver File • Cell Phone/Text Policy • Crime • Security Controls • Vacation • Average is three years old • Professional • Certificates of Insurance • Documentation (HIRE/FIRE, EEOC) • Employee Handbook • Disaster Plan (Reciprocate)

  12. Loss Control of Risk • After the Loss • Reporting • Follow Up • Communication

  13. Emerging Trends & Issues • Cyber Liability (Data Breach) • Employment Practices/Wages (Class Action) • Pollution (Silica, OSHA, etc) • Cell Phones/Texting • Hardening Premiums/Natural Disasters/Lawsuits/Costs/ Professional/D&O • Certificates of Insurance • Water Damage (Mold) • Federal Regulations (EEOC Background Checks/Food) • HIIPA • Terrorism

  14. Questions & Answers

  15. Thank You If you have additional questions or comments, please feel free to contact me at any time: David LaRiviere Yakima Branch Manager & Senior Vice President Phone: 509.965.2090 Toll-free: 800-551-2090 E-mail: davidl@conoverinsurance.com

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