Contingency plans should be developed to provide op-
tions in the event of loss so that business will stay on track
with little interruption. The company should run drills and
have meetings with key personnel.
Procedures should be agreed to ahead of time to arrange
for arbitrators in the event of contractual and/or business
disputes.
Loss Control Management
Most corporate insurance and risk management special-
ists will preach that the best approach to managing risks and
exposures is loss prevention, avoidance, and proactive SOPs.
In today’s building of warehouses, plants, and office
buildings, a company would not construct without sprin-
kler and alarm systems. As a primary means of loss preven-
tion, these systems have had a great benefit for loss of ...