Risk Management Checklist for Stock in a Controlled Environment

Risk Management Checklist for Stock in a Controlled Environment

There are a number of ways to manage your risk exposure:

1. Duplication of Refrigerated Contents

  • Duplicate and separate critical business components.
  • Refrigerate duplicates on a separate power supply
  • Consider off-site storage in case of a major incident
  • Review possible impact of a region-wide power failure

2. Maintenance of Power Supply
Many claims arise from contractors turning off electrical power or refrigeration units being moved and then not plugged in again.

  • Wire refrigeration units into the wall to avoid unplugging
  • Brief contractors of critical issues and supervise closely
  • Install a generator with a suitable auto-start mechanism and with sufficient fuel to last until return of power or alternative arrangements can be made.
  • Set up scheduled maintenance and load testing, and a generator back-up contract based on your critical thaw times
  • Get voltage surge protection for the whole building or for critical units (in case of electrical storm).

3. Provision of Alarms and Emergency Response Mechanisms
Early detection of a critical change in temperature is important.  Arrange scheduled manual monitoring or an automatic alarm linked to a central monitoring station. 

Devise an emergency response procedure and communicate this to all relevant parties.  Solutions need not be costly – a contract with an ice supplier to supply ice at short notice or using bottled gas coolant for a short term might be very effective.

4. Fire Brigade Pre-planning
Fire personnel are trained to shut down power on arrival at a site.  Pre-planning with the fire department could avoid this or at least minimise interruption of power.

5. Liquid Nitrogen Dewars
Flexible and portable, Dewars don’t rely on electrical supply - but often contain material with extremely low critical thaw temperatures.

  • Ensure the temperature alarm, is set at a low enough temperature to allow recovery in time
  • Include low liquid level alarms to ensure manual refilling is completed
  • Have an auto-fill system in place as back-up
  • Consider duplicating between units and sites
Cyber Risks Space Invaders 2

“They are the best insurance company to deal with and our contacts there get 10 out of 10!”

ICT

 

Ready to work with us?

You can call us to talk more about your business on +44 (0)1223 200650 or +44 (0)20 3865 0149

What's Covered?

Monthly Payments
Cancel Anytime
Benchmark Us
Quote within 24 hrs

About La Playa Science & Technology

Specialist & Independent

Specialist & Independent

La Playa's specialist Science & Tech team can help you protect your business with smart, flexible, high-performance insurance - with a friendly human UI. We understand the risks and pressures you face - and we speak your language.  We’ll support you with great advice - helping you make good decisions for your business. 

In-house IFA

We also offer Business Protection (including Key Person Insurance) and Employee Benefits: a joined up approach with a team of advisers working for your best financial interests - all under one roof

Advice You Can Trust

…from an expert who understands you

Tech-based business is 24/7, global and borderless, exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.

  • Specialist insurance for science and technology
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture
  • Seamless insurance across UK and US
     
Photo from Science & Technology
Photo of Hanna Beaumont FIRM

Hanna Beaumont FIRM

DIRECTOR, CORPORATE

Direct Dial: +44 (0) 1223 200664

Mobile: +44 (0) 7795 473071

Email: hanna.beaumont@laplayainsurance.com

Twitter: @HannaBLaPlaya