There are a variety of strategies risk managers can use to optimize their insurance that will help their company's bottom line during the economic downturn, brokerage firm experts advised during a Web seminar yesterday.
Brian Elowe with Marsh Global Risk Management, who moderated the risk management seminar, said that risk management programs are not immune to cost cutting and there are several strategies risk managers can employ to reduce costs through higher retentions, reducing limits, shedding some coverage, or cutting risk controls "and hoping for the best."
However, there are strategies that can be employed to help reduce costs and, at the same time, maintain adequate risk protections of the business.
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