Risk Management

What we do:

Risk Management is part of any personal or business plan, which is why learning how to cope with it is vital.

  • Risk is the positive or negative uncertainty arising from a given event.
  • Risk management is a plan to ensure negative uncertainty does not prevent desired success.

As a responsible manager or business owner, you need to be aware of your risks. Does this mean that you should try to address each and every risk that your business might face? Probably not – in all but the most critical environments, this can be much too expensive, both in time and resources.

Instead, you need to prioritize risks. If you do this effectively, you can focus the majority of your time and effort on the most important risks. Therefore, before we go running off to the corner insurance agent’s office to buy a policy, we should understand our role in risk management. Even if we choose to have the insurance company take on our risks, we are going to want to prevent, reduce and transfer as many of these risks. We can minimize the amount and number of claims an insurance company may have to pay, in order to keep insurance costs down and maintain productivity.

At BakerHopp we help break it down through our unique, effective method to Identify, Inform, Implement and Monitor Improvement related to risk that could lead to an economic loss for an organization, you or your family. We have found that a healthy balance of risk taking and risk management creates the most competitive advantage and sustainability.

Examples of Preventing Risk

Business/Employee Benefits

  • Clear job descriptions and expectations of employees
  • Creating and adhering to processes and procedures
  • Drug testing and/or post offer physicals, pre-employment testing
  • Close monitoring of bank balances, cash flow and checks
  • Maintenance of building, equipment and other physical assets required for business to function without disruption
  • Constant recruiting for talent
  • Communicating required government compliance notices to employees


  • Cut branches back from your home and garage
  • Remove dead trees
  • Have snow removed from roof to prevent ice damning
  • Install sump pump/sewer water back up alarms
  • Dispose of personal computers properly

Examples of Reducing Risk

Business/Employee Benefits

  • A back up plan in case of a physical disaster to work space
  • A business continuity agreement with friendly competitors-you take my orders if I am down and I will do the same for you.
  • Backing up of data
  • Cross training of key employee’s functions
  • Having a social media policy-expectations of employee conduct
  • Following company set policies and procedures as is relates to management of employees


  • Require tenants to purchase their own insurance
  • Purchase credit monitoring service
  • Review your bank accounts on a regular basis
  • Have a tornado/disaster household evacuation plan
  • Have a documented inventory of your personal belongings
  • Have jewelry and other valuable items appraised on a regular basis

Examples of Transferring Risk

Business/Employee Benefits

  • Understand your contracts-read the fine print-know the risk so you can-transfer your risk by contract where appropriate
  • Use a staffing firm for employees
  • Subcontract certain portions of your operation to others and transfer liability to them by contract
  • Transfer to an insurance company via purchasing policies.


  • Purchase Home, Auto and Umbrella Insurance
  • Purchase Identity Theft Insurance
  • Purchase Travel Insurance

The proactive and comprehensive Risk Management Process at BakerHopp we are able to:

  1. Expertly pinpoints critical risk;
  2. Delivers customized solutions that minimize risk;
  3. Execute a relationship-driven and solutions-oriented approach focused on the individual needs of each customer

Utilizing our comprehensive Risk Management Process we are able reduce your risk, by executing a relationship-driven and solutions-oriented approach focused on the individual needs of each customer that mitigates risk and creates long term partnerships for success.

When risk management solutions are coupled with traditional insurance programs, we are able to enhance your risk profile with our top-rated partner carriers and present you with Executive Summary that includes comprehensive insurance program and practical Risk Solutions.

Whether its commercial insurance, employee benefits or personal insurance our strategy help clients discover the solution(s) that are right for them. For over 100 years we have been providing partnership and protection to you, your family and your business. We manage the risk, so you don’t have too.

Live your life. Let BakerHopp manage your risks.