Risk Management Advisory

Risk Management Advisory

“One of the biggest lapses is in the area of business interruption insurance,” Clair Wilkinson, vice president, Insurance Information Institute.

Hidden Risk

Entrepreneurs at new businesses often have a number of responsibilities on their shoulders. They are charged with hiring new employees, identifying and selling their products or services to new customers, finding sources of financial backing, and many other tasks. On the other hand, it’s no secret that new and promising companies often have difficulty with their risk management system. There are a lot of obvious risks for any new enterprise and business owners which may be practical enough to halt them.
However, there are many more that may not be immediately obvious to entrepreneurs but unfortunately, these are the threats that may take the heaviest toll on an organization. And this is area where BS insurance can become your best companion to face the hurdle of business with their exceptional risk management advisory service.

Why Risk Management Plan

There are many benefits to developing a risk management strategy, including saving your organization valuable economic resources and time, protecting its reputation, preventing legal liability, improving your preparedness, protecting the environment and reducing your utilities. At BS Insurance Ltd., we take a preventative approach, seeking to identify possible risks before they happen.

Benefits of a risk management plan

• Protection from financial loss – For young businesses, a multitude of things can go wrong, from natural disasters to theft and burglary. Insurance can be a key tool in preventing financial losses in the early stages of the game. When companies have small budgets, even having to buy a new laptop because a thief stole one from the office can be devastating.
• Saving valuable resources- time, income, assets, people and property can be saved if fewer claims occur. It also Create a safe and secure environment for staff, visitors, and customers
• Better reputation – New businesses are always looking for financial support, whether it’s from angel investors or banks. Having insurance reflects well on the company and makes the owner look responsible, which can help secure that necessary loan or investment.
• Improve liability – General liability insurance protects entrepreneurs against unforeseen everyday threats, whether it’s someone slipping on their floors or getting their fingers jammed in the door on the way out. Defining your insurance needs to save on unnecessary premiums

Steps in Risk Management Services:

Risk management plans are never finished but a certain procedure always need to be followed. They must be revised periodically because risk, risk control, and risk transfer methods change constantly. There are five basic steps include in Risk Management Advisory Service:
• Risk/hazard identification
• Risk/hazard assessment
• Making decisions about how to control or manage risk
• Implementing those controls
• Supervising the implementation of the plan and watching for any new or changing risks

What do we cover under Risk Management Advisory services?

Burglary Insurance

Burglary and Housebreaking Insurance policy provides financial compensation against loss or damage to property contained in your premises by acts of Burglary and or Housebreaking.

BS Insurances’ Burglary policy covers the property against loss/damage by burglary/house breaking. It also covers damage to your premises caused by burglars during burglary or attempts at burglary. The Policy pays actual loss/damage to your insured property caused by burglary/house breaking subject to the limit of Sum Insured. If Sum Insured is not adequate, Policy pays only proportionate loss.

Cash insurance

A Cover for Money Carried By Authorized Employees/Messengers While In Transit
BS Insurance covers the insurance for the "Money" carried by the Insured or the authorized employees / messengers while in transit.

• Loss of money in transit, by the Insured or the Insured's authorized employee(s), occasioned by robbery, theft or any other fortuitous cause.

• Loss of money in safe, e, by burglary, housebreaking, robbery or hold-up, provided always that the limit of the Company's liability for any one loss shall in no case exceed the amount specified against any respective section in the said Schedule to the Policy.

Engineering insurance 

Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation. Two types of loss we covered:

Material loss: the insured project loss caused by any accidents or natural disasters except the exclusions.

The third party liability: according to law, the insured shall assume the compensation liability for the personal injury or property damage to the third party in construction sites and adjacent areas caused by the accident that directly relates to the insured project.

Fidelity Guarantee 

Fidelity Guarantee insurance is an insurance policy designed to cover the Insured (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment.

Fidelity guarantee insurance is most often sought by companies where employees are more likely to cause financial loss because of their constant exposure to cash, stocks or other assets. Her we cover, dishonesty, fraud, loss of property, loss from loans or trading

Why BS Insurance

Purchasing the appropriate insurance coverage for your business is an important part of your risk management plan. At BS Insurance e we have policies and procedures in place to reduce risks to ensure your assets, reputation, financial security and operations can continue without interruption.
We view your organization more favourably and have stable risk management advises and plans to minimize the impact of potential claims. Our service could even help you qualify for reduced insurance premiums.
To learn more, please visit our office at P.O. Box 75578, Plot 95/A, 6th Street, Industrial Area, Kampala, Uganda or you can call us on +256 759 07 97 79 / +256 700 20 20 50. In case, you don’t get an answer immediately, we’ll get back to you as soon as possible with the best solution.

For general enquiries send an email to: 

info@bsinsurance.org

ceo@bsinsurance.org

md@bsinsurance.org