Risk Management Services
“Risk Management" is typically defined as the process of measuring, or assessing, risk and developing strategies to manage it.
Foster Insurance Agency, Inc. has been developing comprehensive strategies to manage the risk of companies and individuals across the country. We help develop customized alternative risk programs tailored to your organization’s specific needs. We aim to maximize your organization’s current risk management strategies to increase profits and maintain the highest quality insurance coverage available.
Risk Management – Cost Control
Managing risk begins with exposure identification: people; activities; and real, personal and intangible property. Risk management allows for the effective evaluation of your exposures to loss according to the following rules:
- Never risk more than you can afford to lose.
- Don’t risk too much for too little.
- Know the odds.
- Once you have evaluated your exposures, you should choose a
method of handling the exposure. - There are four methods to choose from:
- Eliminate the exposure.
- Assume the risk yourself.
- Reduce the exposure.
- Transfer the exposure.