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Saving our taxpayer money with a multitude of efforts reducing risk and costs enterprise-wide
Risk Management, in collaboration with the Purchasing Department, has developed three tiers of insurance requirements for vendors contracting with the County. Our business partners may save money on insurance costs with low risk contracts.
Injuries, damages, and lawsuits can be costly. Risk Management implements and monitors risk controls such as:
- Risk Avoidance. Deliberately not engaging in some business.
- Risk Transfer. Outsource to private industry the high liability/high exposure lines of business such as inmate medical services and solid waste pick-up.
- Loss Prevention. Efforts to prevent loss through a variety of Loss Control Initiatives.
- Retain Risk. For example, using a self-insured retention. Keeping a high deductible for Workers’ Compensation keeps the premium very low allowing for immediate savings when claims are avoided.
- Finance Risk. Participate in the New Mexico Association of Counties self-insurance pools and use competitive bidding for other insurance such as aviation liability coverage.
When a loss has occurred, Risk Management works to minimize the impact. Examples include:
- Recovering funds from a third party insurance company.
- Light duty and return to work programs for injured employees.
- Re-evaluate the exposure and the risk controls.