Businesses missing the mark on risk assessments - Gallagher

Businesses missing the mark on risk assessments - Gallagher | Insurance Business

Businesses missing the mark on risk assessments - Gallagher

Risk managers take notice – businesses are missing the mark when it comes to risk assessments.

That’s the verdict of brokerage giant Gallagher, in the UK, which has revealed that 75% of businesses that have accessed its risk assessment validation service are failing to meet Government guidelines – meaning they could be exposed in the face of legal actions or when attempting to make insurance claims.

Among the issues the firm highlights are: inadequate checklists, not interpreting Government guidelines correctly, and a lack of detail on business plans to control a risk, including around employee education.

With businesses facing increased pressure to return to profitability on the back of the coronavirus pandemic, Gallagher highlights that the responsibility of protecting employees and other people on site should not be overlooked.

“Our consultants have been working with businesses to validate their preparations,” said Neil Hodgson, managing director, risk management, Gallagher UK. “Clearly the guidelines are complex and vary depending on the type of business and the services it offers. Therefore, it’s no wonder that business owners are finding it difficult to navigate some of the steps they are required to put in place to protect them from financial and reputational damage.

“Having a validated and successfully implemented COVID-19 risk assessment will enhance a business’s mitigation and defensibility should a COVID-19 incident occur at the workplace, and avoid further potential repercussions.”