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Why You Need to Complete Risk Assessment
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Why You Need to Complete Risk Assessment

Risk assessment in Sacramento is a process in which you identify potential hazards in your workplace and analyze what would happen should they strike.

The universe is littered with hazards that pose a threat to a human’s way of life–c’est la vie. And for each hazard, there are many possible scenarios from which they stem that could make running your business near impossible.

The best risk assessments all consider situations that would cause customers to lose confidence in your organization and its products or services.

As you conduct your analysis of the biggest risks your business could face, look for weaknesses that would make assets more susceptible to damage from the aforementioned hazards. Weaknesses include deficiencies in process systems, building construction, security, protection systems, and loss prevention programs. They could contribute to the severity of damage when a hazard comes to fruition. Let’s use the example of a fire and a fire sprinkler system. A building with a poor fire sprinkler system could burn along with the building, adding to the damage.

Hazards

  • Explosions
  • Fire
  • Natural hazards
  • Terrorism
  • Workplace violence
  • Utility outage
  • Pathogenic pandemic
  • Supplier failure
  • Mechanical breakdown
  • Cyber attack

Assets at Risk

  • People
  • Supply chain
  • Information technology
  • Property including critical infrastructure
  • Environment
  • Regulatory and contractual obligations
  • Business operations

Impacts

  • Lawsuits
  • Casualties
  • Property damage
  • Business interruption (business interruption insurance can help keep your business afloat while you temporarily close your business)
  • Loss of trust and confidence in the organization
  • Lawsuits
  • Financial loss
  • Environmental contamination
  • Fines and penalties

A risk assessment can help your business more than you know, and can help it stay afloat after a rather nasty disaster (natural or otherwise) strikes your business.

To find the right commercial insurance in Sacramento, CA and surrounding areas, contact the insurance professionals at Purves & Associates in Davis. An instant quote saves you time and money!