Farms: Risk Management Strategies
The agriculture sector faces several risks stemming from ever-changing weather, yields, prices, government policies and global markets. In general, the following are five types of risks the agriculture sector must mitigate: Since risk is an integral part of agriculture, producers must take precautions to minimize its impact on business. There are a number of strategies […]
Trucking: Your Total Cost of Risk
Total cost of risk in insurance terms describes the cost of both pure and speculative risk. It is synonymous with the price of your risk management program. For example, if you are faced with a union strike, how do you estimate losses? It is difficult, at best, to quantify this scenario. In contrast, other components […]
Manage Cost of Risk, Control Price
Every facet of your organization impacts your cost of risk. Regardless of the type of business you run, many find it difficult to quantify their true cost of risk because it includes both pure and speculative risk. The impact negative publicity would have on your revenue is much harder to calculate than insurance premiums or […]
