ASK THE EXPERT:CH Insurance-Risk Management and
Human Resources a Winning Combination
If you were to ask most employers what their organization’s most valuable asset is, they’d say it’s their people. But people also represent the greatest liability for most organizations…whether it’s complying with complex state and federal employment regulations, workplace conflict, or even attendance, people are both an organization’s greatest asset and its greatest risk. There are basically three ways that employers can manage that risk–by accepting it, transferring the risk, or reducing the risk.
1. There are some small risks that employers may accept as a cost of doing business, like the occasional weather closure, or building maintenance. But there are a lot of risks that employers simply cannot accept as a cost of doing business, and these usually revolve around their employees.
2. Many employers transfer the major risks they face by insuring against them. Sometimes the risks are great enough that they are required to insure them like Workers’ Compensation in the event of a (workplace injury) while other times it makes just makes business…