Whether it be a contractual requirement or good risk management, the right Trades Insurance is essential to protect your trades business against risks and exposures and provide peace of mind.
To best identify the most appropriate cover or policy types, it is crucial to first understand the specific risks that are faced by your business. This is important in order to ensure you are prepared against potential hazards, able to mitigate risks, and select customised, comprehensive cover that offers valuable financial protection.
A risk analysis is an effective method to determine the exposures of your business. Learn more about risk assessments including what they involve, why they are required, and how to carry them out to benefit your company.
What is a risk assessment?
Risk management describes the proactive process that assists in identifying and responding to foreseeable hazards, explains Safe Work Australia. It involves determination of the potential impact and severity of threats, as well as the likelihood of them happening, and planning of any control measures, if necessary.
While assessment and management is an ongoing process that should be consistently revisited, it is especially important to undertake an analysis of risk when any changes have occurred which have impacted your business activities.
Importance of a thorough risk analysis
A thorough analysis of risk is necessary in order to identify potential hazards and mitigate risks to ensure protection in the event that these potential hazardous events become reality. Determining the precise events will also assist in determining whether your wish to transfer some of these risks to insurers known as “risk transfer” by developing customised insurance cover.
A risk analysis is also important in order to offer financial protection, support decision making and resource allocation, and build a reliable reputation with clients and stakeholder trust.
In the trades industry there are many risks involving power tools or heavy machinery, ladders or structures, particles, paint fumes and more that may cause health concerns for workers. There may be accidents on site, accidental property damage, injuries, falls, theft of tools, as well as errors in design and damage during transit that could be costly and affect business operations. A risk assessment will ensure you are prepared for these events and are able to reduce the impact on your business.
How to carry out a risk assessment
The risk management process involves four steps:
1. Identify hazards
Determine what events could potentially cause harm.
2. Assess risks
Understand the hazard, the severity of harm that could occur, and the likelihood of it happening.
3. Control risks
Identify effective control measures, which are any actions to eliminate health and safety risks.
4. Regularly review hazards and control measures
Regular review of the identified risks and means of mitigating them is important in order to ensure they remain current.
The Role of an Insurance Broker in Analysing Risk
To assist with the process of identifying and analysing risk, an experienced Insurance Broker like the experienced Client Managers at Atlantic Insurance are able to provide a thorough assessment. Our Client Managers develop a strong understanding of their client’s industries, business operations, and any unique challenges they may face and are therefore able to provide an accurate analysis of specific exposures. In addition to this our Client Managers will also be able to determine a tailored Insurance Plan to ensure comprehensive protection of your business based on the specific perils.
You can rely on a Broker to offer customised solutions that meet the needs of your trades business and identify the risks.
Comprehensive Trades Insurance with Atlantic Insurance Brokers
Atlantic Insurance is dedicated to offering quality Insurance Products to trades businesses for comprehensive Trades Insurance cover. We have been accommodating to the varied needs of businesses in the trades industry from Plumbers and Carpenters to Electricians and Builders for over 25 years, assisting all forms of tradespeople.
Contact us to receive a quote for reliable risk analysis and insurance cover today.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
