Risk management strategies for Florida’s public entities are crucial for several reasons. Public entities face a diverse set of risks, and a solid risk management strategy is needed to prevent claims, control costs and most importantly to keep people safe.
By focusing on risk management, public entities can better fulfill their missions, protect public resources, maintain trust and navigate an increasingly complex risk landscape. A risk management plan focuses on prevention, which is a core principle of risk management for pools and addresses the shared goal of reducing claims and stabilizing costs.
A risk management strategy typically includes the following steps:
Identify and assess risks:
- Conduct regular risk assessments across all departments
- Identify emerging risks specific to public entities
Train and educate employees:
- Implement safety training programs
- Educate staff on risk awareness and prevention
Review policies and procedures:
- Regularly update and enforce policies to mitigate common risks
- Ensure compliance with current regulations and best practices
Adopt technology:
- Use data analytics to identify risk trends
- Employ best practices related to the risk of cyber attack
Analyze claims and loss control opportunities:
- Review past claims to identify patterns and areas for improvement
- Develop targeted loss control programs based on claim history
Collaborate and share knowledge
- Preferred provides opportunities to share successful risk management strategies through our monthly webinar series, regional in person seminars and Preferred Member Education Day.
Preferred supports members’ risk management goals
Preferred’s mission is to assist members in reducing claims and claims costs and protecting workers from injury. Preferred provides members with an unparalleled array of services and resources that support public entities’ risk management plans and initiatives. Preferred offers its members:
- Onsite and virtual Safety and risk management consultative services based on the best practices of accident prevention and claims management.
- Claims management to assist with the coordination of claims reviews, posturing claims for positive outcomes and educating members on best practices of claims management. Customized Claims 101’s and Claims Reviews are conducted with members.
- Preferred TIPS program that provides up to $5,000 in reimbursement for approved member safety and risk management initiatives.
- Preferred Priority is our enhanced disaster recovery program designed exclusively for Preferred members. With a comprehensive, efficient and proactive approach the intent of Preferred Priority is to make the disaster recovery process as seamless as possible for members when they need it.
- Online learning center that offers more than 700 training courses covering HR/employment practices, OSHA compliance, motor vehicle safety and cyber awareness.
- Streaming video training that offers an extensive video library to watch at any time. Topics include transport safety, hazmat, workplace safety and more.
- Preferred Risk Management Resource Center available to members who have their Employment Practices Liability Insurance (EPLI) coverage with Preferred and provides access to resources on employment law, cyber security, ADA compliance, emergency disaster response and more.
- Preferred News quarterly newsletter that includes relevant articles and member news.
- Preferred seminars and webinars provide education on a variety of relevant risk management and HR related topics. The seminar series also provides networking opportunities for members to interact with Preferred service providers like claims supervisors, Panel Attorneys as well as with other member risk management professionals and peers. We host approximately four seminars throughout the state including Member Education Day.
- Annual Preferred Member Education Day, held each year in Lake Mary, Florida, is where members and agents come together with Preferred service partners and Florida public entity experts to learn more about important issues and topics facing Florida’s local governments. The day includes meals and dedicated time for networking, and there is no charge for any events or services provided to Preferred members. All Florida public entities are welcome to participate in any of our in-person events.
Related: Avoid these top 7 Workers’ Compensation claim mistakes
See the winners of the 2024 Preferred Risk Management Awards!
Each year Preferred recognizes members who demonstrate continuous improvement through sound risk management practices, effectively minimize claims and are engaged with loss control services. Preferred also identifies members who continuously focus on fundamentals like developing effective safety committees, cyber liability awareness, good fleet management policies, leadership education, initiatives to support employee mental health and more. Two awards are given to highlight these achievements: Preferred Safety and Risk Management Member of the Year and Preferred Risk Management Professional of the Year Award. Click the link below to read more about this year’s winners:
PGIT_2024_Summer_Newsletter_Awards
If you have questions, please don’t hesitate to reach out to your Preferred Loss Control Consultant or any member of your Preferred Service Team!
To learn more about what Preferred provides to members, see the flyers below: