Risk management takes a lot of time and a considerable chunk of your budget. But it’s not an area where you can afford to skimp or cut corners. Nor do you want to delegate it to an amateur. And it’s natural to feel hesitant about putting this important aspect of your business into the hands of an “outsider.” But, with the right partnership, there are a number of risk management functions for which outsourcing is the smartest decision you could make.
Among the functions you may want to consider outsourcing are:
- Workers’ comp coverage or procurement,
- Safety planning or training,
- OSHA reporting and assistance,
- Claims management,
- Accident and fraud investigation,
- Employment practices liability insurance,
- Worksite liability assessments and more.
Outsourcing risk management can benefit your business in many ways, including:
- Greater cost and time efficiency: By outsourcing to experts whose background and experience is solely risk management, you can save a significant amount of time and money. Because employees of your outsourcing firm are not on your payroll, you can eliminate their salary and benefit costs from your budget.
- A more robust crisis prevention plan: Having professional advice at your fingertips can protect your business’s future, reduce downtime in the event of an unplanned occurrence, and allow you to resume business as seamlessly as possible. The key is having a solid plan in place before you need it.
- Better risk projection: Your outsourcing partner can develop a risk management assessment and recommend and help implement related strategies. No organization wants to be unprepared – and an accurate projection of future risks puts you in control of a situation before it happens.
In a nutshell, outsourcing can improve not your operational efficiency, but also your overall numbers when it comes to safety, quality, delivery and service.
About Lyons HR
By outsourcing your risk management work to Lyons HR, you can rest assured that you’re not working with amateurs or outsiders. We function as an off-site department and a natural extension of your internal team – and offer years of expertise in risk mitigation and management. Read our related posts or contact us today to learn more.