Risk Management

Risk management is at the heart of what we do at Park Insurance. To offer you the best level of cover and avoid over- or under-insuring your risks, we have to carefully calculate the likelihood of these risks arising and the potential financial outcome if they do. We not only implement robust risk assessment protocols to deliver the best premiums, but we also partner with the trusted smart software provider BrightHR to put leading risk management tools at your fingertips.

Start my free demo
Scroll

Identifying your risks

Each business faces its own unique set of risks. Even two companies operating within the same sector can have differing insurance needs. Park Insurance works closely with business owners to accurately identify insurable risks. These could be:

  • Human activities such as accidents, thefts, vandalism, and hacking
  • Natural disasters like floods, earthquakes, and hurricanes
  • Operational risks such as machine failure, non-payment of an invoice, or a supply chain issue
  • Market risks, such as an economic downturn

Risk analysis

Once we've identified your business's key risks, we analyse each one using quantitative and qualitative tools.

Quantitative analysis involves using statistics to predict the probability of a risk occurring and its most likely outcome. However, not all risks can be easily quantified this way, so we also use qualitative analysis, harnessing industry experts to assess and analyse individual scenarios.


Evaluating risks

To ascertain which risks we can insure and at what price, our experts conduct an evaluation to understand their frequency and potential impact. It's important to get this just right, so Park Insurance turns to actuarial analysis, using historical data and statistical modelling to make accurate predictions alongside data analytics.

Bespoke risk management for your business

While it's pretty straightforward to insure a motor vehicle or a building, offering the perfect premium for a business can take more expertise. This is particularly true for:

  • High-risk industries such as construction, healthcare, and manufacturing
  • Businesses with complex operations
  • Industries with tight regulatory requirements
  • Companies where cyber security is key
  • Business with valuable assets

We use risk management to tailor the most comprehensive policy and to help you identify and address the key risks that threaten your business.


Empowering risk management within your business

Through our partnership with BrightHR, we help UK business owners streamline their internal risk management processes. This specialist software helps you quickly and accurately record accidents and near misses in the workplace, provides hundreds of risk assessment templates, and offers reminders to ensure you stay on top of your risk management tasks.

Park Insurance uses cutting-edge risk management technology and strategies to keep your policies comprehensive and competitively priced. It also helps you access the most innovative tools to manage risk within your business.

Get in touch

Give us a call on 0117 955 6835 or click on the button below and we will be happy to contact you to discuss your needs.

Get in touch