What is “Total Cost of Risk”? 

1. All of the time, effort and hassle you spend:
  • Identifying, assessing and reducing risk
  • Working with insurance vendors
  • Securing and analyzing quotes and purchasing insurance
  • Attending to a myriad of insurance details throughout the year

2. The dollars you spend on…

  • Insurance premiums
  • Deductible losses
  • Excess policy limit losses
  • Uninsured losses

3. All of the lost time and the embarrassment, fear, stress and worry of living through a single event or claim

4. Business risks including the tangible and intangible costs of the occurrence of an uninsurable risk like loss of an important contract.

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