By Robyn Styles, Key Account Relationship and Development Manager – Affinity, Insurance House
Risk management is really about common sense and should be something every organisation does, no matter the size.
Here are some of my top tips for managing risk that will save your Association, and your members, time and money:
1. Identify major risks
Assess your business’s internal environment, consider financial, marketing, operational, strategic and workforce risks. External business environments, such as the changing economy, and new market competitors. Establishing an RSS feed or setting up Google Alerts will help you stay on top of news items that affect your Association and Members. Some threats are not as easily recognised; performing an identification process as a team and including your Insurance Broker can help to ensure nothing is overlooked. Being aware of your risks enables you to consider where you are truly exposed.
2. Expand your professional network
Get active on social media platforms such as LinkedIn to connect with other professionals. Share your expert advice with others to extend your knowledge centre, resource pool, and drive networking opportunities.
3. Work closely with your Insurance Broker
Your Insurance Broker should fully understand your member’s needs, the issues “that keep them awake at night” and work with you to find solutions via insurance coverage or other means. They can be a trusted advisor to the Association along with the other professionals that you may rely on for expert advice.
4. Make sure your policy is tailored
It may sound simple, but understanding your insurance cover is vital. Associations should be looking for a tailored policy that takes into account the risks specific to their profession or industry. When we work with Associations, we take time to fully understand how their industry works and tailor a solution around the activities and risks identified. Adding benefits such as ensuring you are up-to-date on regulations and giving strategic insurance advice. Cost is always a consideration when purchasing insurance; utilising a tailored solution can offer Associations a significant reduction on regular market rates meaning you can pass premium discounts onto your members.
5. Ongoing risk management
No one can accurately predict everything that might have an impact on you, your Association, and your members. Continue to assess your member's needs and understand their issues as things evolve and change. Communicate regularly with members, hold forums, and monitor online discussion boards.
Would you like to know more?
Having started small, Insurance House Group know the value of service and promise continuous and personalised service for your Association that can save you time on your insurance journey. Ask us today how we can work collaboratively with you as your preferred provider offering a holistic one stop shop for all your members.
Find out more or contact our team of specialists: https://www.insurancehouse.com.au/associations