For public entities, including states, counties, and cities, 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 entity’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.
From cities and states to utilities and transit organizations, public entities are exposed to many types of risks, including:
Public entities should consider all areas of risk to plan for and minimize the impact of existing and emerging vulnerabilities. A comprehensive approach to these threats helps you not only manage cost, but also enhances the safety of staff and the public.
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:
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.