For public entities, including those in the municipal, education, healthcare, and non-profit industries, risk management is a key element of governance.
However, in the face of ongoing budgetary restraints, public organizations often need innovative strategies that can help lower the total cost of risk while still supporting frontline service improvements. As the pandemic recovery continues, many local governments are experiencing budget shortfalls due to dwindling tax revenue, record unemployment, and rising healthcare costs. The need to manage risks – while keeping down costs – has never been more critical.
With more than four decades of public sector experience, Marsh can help you assess your public sector’s current risk financing strategy and generate new savings through data-driven decisions. Using our expertise and industry-leading analytics platform, we’ll work with you to build your organization’s unique profile and determine an approach that drives value and mitigates risk.
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FAQs
As a result of increased litigation, aging infrastructure, and elevated public scrutiny, public entities require a unique approach to insurance to protect their people and property, which covers:
- Management and professional liability: These policies protect public entities and staff against circumstances not covered under a traditional commercial policy. This can include losses caused by a wrongful act resulting in a loss while conducting duties by or on behalf of the group.
- Auto liability: Fire trucks, ambulances, police cars, buses, road and street maintenance vehicles, and other emergency vehicles all require coverage in the event of bodily injury or property damage.
- Cyber risk: The resulting fallout of a cyberattack can include severe consequences for a public entity, such as data leaks, extortion, and fraud. This form of coverage typically includes expenses related to these consequences, as well as those stemming from related network or information security failures.
For public entities, developing a comprehensive approach to risk management means addressing each of these vulnerabilities and any related to their unique constituents or the day-to-day function of their work.
At Marsh, our analytics, risk management, and local teams can help you develop fit-for-purpose risk financing and management strategies to continue to support the public while mitigating risk.
