Risk Management/ HR
It is so important for business owners to understand how risk management and human resources go hand in hand. It’s a good idea to have your human resources team and risk management team work closely together from the start. To have an effective risk management/ HR team, there are certain roles that should be filled.
First is the risk manager. A risk manager is responsible for:
– The discovery of loss exposures and the selection of the best treatment options.
– The evaluation and implementation of Loss Prevention Procedures.
– The design of the insurance program and effecting coverage at an acceptable price.
– The monitoring of the effectiveness of treatment options selected.
– The quality control of needed products and services.
– The effectiveness of all employees who deal with Risk Management issues.
– Recommend appropriate precautions to management to prevent losses and minimize the impact of those that do occur.
– Work with Insurance Carrier Loss Control personnel to ensure the best loss prevention program, without incurring unnecessary expense.
Next the administrative coordinator:
– All administrative functions needed to accomplish the effective management of risk.
– Communication with the Client and Insurance Carriers regarding plan changes, corrections and modifications.
– Accounting issues.
– Marketing of the requested insurance program.
The claim coordinator is responsible for:
– Loss minimization- preserving property and minimizing liability damages.
– Claims reporting.
– Communicating with employees to best guide them through the claims process and mitigate litigation risk.
– Monitoring claims activity, including work comp lost time.
Finally, the HR Director is responsible for:
– Implementation of company specific Hiring Processes.
– Development and implementation of Employee Handbooks and Policies.
– Compliance with regulatory requirements (FMLA, COBRA, ADA, Sexual Harassment etc.)
With all of these pieces in place your company is able to avoid HR compliance issues, eliminate claims before they happen- even at the time of hire, manage your risk effectively and handle any claims that do occur to achieve the best possible outcome. It doesn’t make sense for every business to have all of these positions on payroll. For some outsourcing HR or Risk Management services may be a better alternative. Regardless of how you go about it, a company will benefit from a solid risk management plan and a team to implement it.
The Seltzer Group, located in Eastern Pennsylvania, specializes in developing safety, workers compensation, human resources, claims, and risk financing programs. They are a proud member of the Keystone Insurers Group and are nationally recognized for their expertise in workers compensation solutions. The Seltzer Group serves businesses and individuals locally, regionally, and on the national level.