Risk Management
Insurance is not the only means to protect losses. It is just one way for us to manage our loss exposures. A loss exposure is any condition or situation that presents the possibility of a loss. Insurance is a great "POMG" tool ~~ that is, Peace of Mind Guarantee. But at some point, we all need to take responsibility and be pro-active rather than reactive. That's where risk management comes in.
What is Risk Management?
"Risk management
is the process of making and implementing decisions to deal with loss exposures."
There are several risk management techniques. One technique is avoidance ~ that
is, eliminating the chance of loss by removing that particular exposure or by
not assuming a new one. That is not always possible. So, we look to loss control
or loss prevention. This particular technique is a very effective tool for risk
management. It is used to lower the frequency and/or severity of a loss. Frequency
defines how often a loss might occur or be expected to occur. Severity defines
the dollar amount of damage that resulted or might result from a given loss.
The first step in loss control and/or prevention is to be more aware of our surroundings so that we can identify the loss exposures that we might face. For example, do you have your computer equipment set up for use and/or stored in a location where a theft could easily occur or be damaged? Computers, laptops, digital cameras, etc., especially with their smaller and more compact designs, have greatly increased the likelihood of loss by theft. PCs seem to now top the list of most-often-stolen equipment.
Determine what options are available to you to minimize or control your loss exposure. We know it's impossible to deter all thefts, but we can take some steps to reduce what our losses might be. Computer equipment can easily be secured by the use of computer cable locks at a relatively low cost. More extensive and sophisticated security systems are also available to deter or alleviate the chances of theft. Sometimes, making simple alterations or rearrangements to your office space is all you need to do to reduce the likelihood that equipment will be damaged. Check to be sure that doors and windows are kept locked to prevent theft. It is also important to be sure that equipment and the work space surround it is well maintained to prevent injuries or accidents. You might also want to consider using an inventory management system to track the use of equipment.
There are so many ways we can be pro-active to minimize potential losses. Look around you. Become more aware of your surroundings. Know the details of the events and programs in which you and your department are involved. You may want to develop checklists that will help you identify where you could potentially suffer a loss and think about ways you can reduce your loss exposures.
Certificates of Insurance are evidence that a vendor, entity or organization, has their own insurance in the event they cause damage or injury to the University community. You should be obtaining Certificates of Insurance from vendor, entities and organizations with whom you and your department are doing business and forwarding those to URI's Department of Safety & Risk Management. As a University Community working as a team, we can become pro-active to improve the safety of employees, students, and visitors to the University.
The University has a number of insurance policies in force. One of those policies is the Board of Governor's property policy, which includes URI. The property policy currently in existence has a required high deductible. As a result, much of your department's property does not have the benefit of enjoying coverage individually under this property policy. You should consider having us list these items under a separate policy with a relatively low deductible and at a low cost to your department. We will be happy to assist you and answer all your questions with regard to this policy.
The Department of Safety & Risk Management is available to provide
guidance to you and answer any risk management and insurance questions you might
have. Please feel free to call:
