Consider that a recent survey by the Canadian Federation of Independent Business indicated that 45% of those canvassed regarded insurance premiums as their main cost concern.
Research has shown that the main reason for increased insurance costs is successful claims brought against a business or an industrial sector. Claims are successful because most businesses and organizations fail to take proactive steps to protect themselves.
Such failure, even in risk managed organizations, usually stems from reliance on good practices without the ability to prove that they amount to Due Diligence.
The legal definition of Due Diligence revolves around taking reasonable steps to control risks and prevent harm. Risks take a number of different forms including health and safety; environmental; product liability; property and customer disruption.
If it can be proven, Due Diligence is an absolute defence to lawsuits and regulatory charges and the most powerful tool in protecting the reputation of an organization from adverse criticism.
Unfortunately, good practices alone are not enough to establish Due Diligence. Even though organizations try their best to do “what’s right”, they often cannot prove to the world that they have.
What is required is The Three P’s™ - a written Policy, a set of Procedures and Proof of compliance. These are the cornerstones of The Due Diligence Solution™.
The toughest test for establishing compliance is in the Courtroom. That’s why a team of trial lawyers at Strategic Risk Control Ltd. established The Due Diligence Solution™. A review of thirty years of trial law resulted in a simple, effective and powerful framework for establishing accountability proving Due Diligence.
Based on the principles contained in the revolutionary Fourteen Point Formula™, organizations can easily fold current good practices into a simple framework. This will permit a third party audit, analysis, improvement and eventual SRC Certification™. Independent certification is well recognized by insurers and courts alike.
Armed with The Due Diligence Solution™, your organization can get on with its business confident that, if incidents occur, it will be protected by the most effective standard in the world.
Making It HappenIt’s really very simple.You already have programs and risk control measures that work for you. These can be used as the building blocks for The Due Diligence Solution™.
Aligning your good practices with the Fourteen Point Formula™ will identify areas needing improvement in order to satisfy the test of reasonableness. Assistance will be provided in the creation of the output: The Due Diligence Manual™.
SRC Certification™ will review the implementation of your manual to give both you and your insurers confidence in the system.
Taking these proactive steps will protect your organization from litigation. Not only will this save you money, more importantly it will save you time. Time you can invest in the growth of your business.