Loss Prevention Funding
As the University self-insures many of its losses, it is important that University departments take appropriate steps to prevent or reduce losses within their areas. To assist in these loss prevention efforts, funding may be available through the Office of Risk Management for low-cost projects that help prevent or mitigate automobile accidents, property losses, liability losses or workplace injuries. Projects should be those that fall outside of the work or purchases typically covered elsewhere by the University or department. Eligible projects can include; one-time purchase of safety or loss prevention equipment or supplies, security measures, risk analysis by outside professionals, and so forth. Proposed loss prevention projects should focus on preventing losses or reducing the frequency or severity of losses.
Costs typically not eligible for loss prevention funding include; capital construction projects, University labor, internal departmental fees (for example, planning design and construction fees), routine maintenance, and other such standard costs.
The scope and overall value of each project to the University will be assessed to determine the amount of funding available. For some projects to be approved for funding, a department may be required to share in the cost of the project, depending on the scope of the project. The majority of projects to date have been below $50,000. Priority will be given to projects that are required to address an immediate threat to the safety of people or University property.
Any employee may request funding for a loss prevention project, with approval of their department head. To determine if funding is available for a project, a proposal should be submitted to the Office of Risk Management. The proposal should provide the following:
- A brief description of the project.
- A clear explanation on how the project ties to loss prevention along with supporting data if available.
- Explanation of any prior incidents or near misses that have occurred, which may have been prevented or reduced with the implementation of the project.
- An estimate of the total cost for the project.
Determination of funding rests solely with the Office of Risk Management. Once approved, funds will be transferred upon receipt of paid invoice and relevant back-up documentation.
- Installing alarms for temperature, humidity, or to prevent theft (excluding regular maintenance or on-going monitoring services).
- Purchasing emergency response equipment.
- Purchasing loss prevention supplies, such as flood barriers, signage, fire proof cabinets, lifting equipment, non-standard personal protective equipment.
- Creating safety or risk management educational materials.
- Hiring an outside firm to assess a potential risk or train staff in relevant areas, such as harassment prevention training, reducing risks, etc..
If more assistance is needed please email Colorado Robertson.