The Value of Interdepartmental Communication

It is axiomatic that good communication is a requirement for just about any successful business. Communication with customers, clients, investors and other stakeholders is typically of vital importance. When it comes to a business’ risk management function, communication within the organization is essential. Whether it is accurately completing insurance applications, dealing properly with notice of claims, or speaking to operating units about safety procedures, communicating between departmental lines can make an enormous difference in how well an organization can manage its risk and successfully transfer losses to its property and liability insurance policies.