Product / Service Liability Mitigation

Lately I have spoken to more than one client that seems to have their 'head in the sand' with respect to product / service liability. As a Certified Risk Manager I have put plans together to mitigate risk and they can be quite 'ncompassing'. This short blog is simply to get people thinking about risk management and liability mitigation - to be the starting point for your own research.

A few hints to Reduce Risk:

Learn from settled and closed claims – review claims made in your industry, with your competitors.

View our industry compliance requirements as the starting point of Risk Management, not the ‘do this and we’ll be ok’.

If you are outsourcing any portion of your product or service, you still own the risk, that does not get outsourced.

Insurance is not risk management (though it has a role to play).

Manage your Sales and Marketing processes. You may be creating your own liabilities in how to sell what you sell.

Think about risk mitigation wrt product / service liability - plan properly and you will notice that the efforts not only support reducing your exposure, they will result in stronger product offering.