Risk Manager

What Does Risk Manager Mean?

A risk manager is a business professional who assesses risks for a company and works to minimize them. The goal is to prevent the company from experiencing significant losses. In the context of insurance, effective coverage is one of the primary methods risk managers use to protect companies from financial setbacks.

Insuranceopedia Explains Risk Manager

In addition to insurance, risk managers may also ensure that the company follows effective safety procedures and makes sound financial decisions. Part of this work involves comparing the different types of business insurance available and matching them to the specific risks the company faces. They are highly valuable to companies because they help prevent unnecessary losses. A single gap in insurance coverage could lead to hundreds of millions of dollars in losses for large companies. For exposures of that size, many risk managers add commercial umbrella insurance on top of a company’s primary policies to pay out once the underlying limits are exhausted. Therefore, having a professional who identifies coverage gaps and other potential hazards is crucial for protecting the company.