Risk & Business Magazine Jones DesLauriers Insurance Magazine F2017/W2018 | Page 29
THE RISK AUDIT
cybersecurity systems and a $50 million
cyber liability policy.
THE AUDIT REPORT
After the initial meeting, the risk
consultant compiles the data and
generates the audit report.
The audit report is a conclusive analysis
and scoring of business threats and
operational preparedness. Using a
combination of your scoring, industry
benchmarking, and risk trends, the audit
generates an action plan to address the
areas of greatest concern. Here are some
of the diverse recommended actions
resulting from the audit process:
• Revising your supplier contracts to
mitigate any liability arising from
supplied goods or services
• Updating HR hiring practices to
prequalify drivers prior to hiring
• Upgrading sprinkler and alarm
systems to take advantage of
insurer discounts and mitigate a
catastrophic loss of property
• Developing an offshore captive
to self-insure aspects of your
operations to reduce insurance cost
and premium volatility
• Eliminating some redundant and
expensive insurance coverages
• Reconfiguring employee benefit
programs to address spiraling
costs while maintaining employee
competitiveness in your industry
Whenever possible, the audit will include
cost estimates along with recommended
actions. A typical action plan will stretch
over a number of years depending upon
the urgency of the issues identified
and the company’s desires. Each
year thereafter the audit is reviewed.
Completed items are reviewed for efficacy
and deleted from or amended in the
action plan; emerging items are added
and risk trends reevaluated.
Clients that utilize this process can
remain comfortable in the knowledge that
their risk dollars are being spent wisely
and that there will be no surprises when it
comes to disruptions in their business. +
Dina Godinho is a 6+ year insurance expert
in the professional liability arena. Today,
Godinho is a trusted account executive at
Jones DesLauriers Insurance and handles
executive liability in the technology sector.
Godinho is a Registered Insurance Broker
of Ontario (RIBO) and holds a Canadian
Accredited Insurance Broker (CAIB) and
a Canadian Risk Management (CRM)
designation.
property | auto | business
WE KNOW THE FOOD
& BEVERAGE INDUSTRY
Your business comes with unique insurance
needs. Let the specialists at Jones DesLauriers
set you up with Economical EXPERT: custom
coverage designed specifically for wholesalers
and processors like you.
Contact us today!
Economical Insurance includes the following companies: Economical Mutual Insurance Company, The Missisquoi Insurance Company,
Perth Insurance Company, Waterloo Insurance Company, Family Insurance Solutions Inc., Sonnet Insurance Company, Petline Insurance
Company. ©2017 Economical Insurance. All rights reserved. All Economical intellectual property, including but not limited to Economical®
and related trademarks, names and logos are the property of Economical Mutual Insurance Company and/or its subsidiaries and/or
affiliates and are registered and/or used in Canada. All other intellectual property is the property of their respective owners.
29