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