To have a biotech company is to have a company with its share of unique risk. The question that you might have is how can you mitigate those risks?
Third-Party Training May Be Helpful
In the biotech industry, you may not want to rely on in-house risk management. If you do not have a chief risk officer or if the upper management is not relaying a message of risk management to the rest of the team, then you may want to consider outsourcing. Third-party experts can train your company on how to mitigate the varying risks of a biotech company.
Insurance Coverage Is a Necessity
No business can survive without an adequate insurance company. Biotech insurance coverage will not only protect your assets in case of a disaster, but it will protect your company against lawsuits. If you are doing clinical trials for medications, there are significant risks. Even with waivers and other contracts, you are still liable for patients. Likewise, you may already have a financial burden because many medications do not meet the market.
All businesses have a certain amount of risk that they have to be accountable for. When you run a biotech company, you have very unique risks that you have to consider with the use of risk management training and insurance coverage.
When guests come to your hotel, they are looking for peace and break from the day-to-day stresses of their lives. As a hotel owner, it is your responsibility to maintain the safety of all employees and guests. There are several hotel risk management strategies you can deploy to ensure that you are providing a safe and accommodating environment for everyone who walks through your doors.
Protecting Guests and Employees
There are numerous risks associated with the hospitality industry. Some ways to manage these risks include:
- Monitoring access to all hotel buildings
- Implementing security and surveillance systems
- Training staff in safety and security measures
- Educating guests about safety protocols and their responsibilities
- Instituting a cybersecurity system to prevent data breaches and theft
- Reporting all injuries to prevent future incidents
Tracking Prior Incidents
When an incident occurs, such as a guest injury or a data breach, it is important to conduct a thorough investigation into the issue to find potential areas of vulnerability in your business. The only way to prevent future incidents from occurring is to understand what went wrong in the first place. A robust hotel risk management plan must include a detailed history of prior accidents, injuries, and security breaches, as this will help you learn how to better guarantee the safety of all guests and employees.
Whenever starting a construction project, builders risk insurance in one of the most essential protections you can establish. However, it is also one of the most misunderstood forms of coverage, given the unique design of coverage terms to meet a specific projects needs. However, if it is properly constructed, it can be more of the most powerful tools in a risk management strategy.
Also known as course of construction insurance, the coverage plan will have an effective date that is arranged by the insured but an expiration date for when construction is completed. The property must be ready for use in order for the policy to be terminated. During the course of the project, this coverage would protect from losses that could be incurred from hail, lightning, fire, explosions, vandalism, theft, or hurricanes. Depending on the location of the project, earthquakes, wind, and flood may or may not be included as well. Standard exclusions typically list normal wear and tear and acts that involve employee theft or faulty planning, executing, and design.
Anyone with a financial interest in the construction project, whether owner, lender, contractor or subcontractors, may wish to have this additional coverage added to the contract or to a standard BOP policy. Lenders may require it, should the project be financed. Having the wrong kind of coverage is just as damaging as not having coverage at all. Guard your exposures through a builder’s risk plan.