perform a risk assessment to identify their firm’s most significant commercial business exposures. A baseline of 8-10 exposures can be used as a gauge and each exposure should include a narrative description of the exposure, potential negative consequences, and qualitative evaluation of both likelihood (frequency) and potential impact (severity). At least one exposure each that can be insured via workers’ compensation, general liability, and property insurance are required. Tabular or heat mapping of risk encouraged, but not required.
Insurance Strategy: Each exposure should be categorized as either insurable (wholly or partially) or uninsurable risk. An overall strategy and list of commercial insurance policies to be utilized for insurable risks should be provided in the form of a written report (estimate 3-4 pages). Key exclusions to those policies, with concentration on those exclusions most relevant to the firm’s operations, should be identified with commentary on risk treatment outside of insurance (e.g. risk transfer, risk finance, mitigation, avoidance).
Sample Solution