One of the keys to business longevity is mitigating risks and finding ways to insure the business. Risk and insurance managers are responsible for these goals as their primary job functions are identifying potential risks, securing insurance purchases, and developing ways to mitigate risks in the future.
Specifically, the work responsibilities of a risk and insurance manager revolve around conducting risk analyses, dealing with insurance companies, developing safety and risk management protocols, and working with other departments to employ risk management strategies. Moreover, they may also be responsible for handling insurance budgets and recommending insurance decisions to the board.
This role typically requires a four-year degree in business, accounting, finance, or other related fields. Experience is also a common qualification for many employers, with the number of required work years ranging from three to five, at a minimum.
Due to the critical nature of this job, the average pay of risk and insurance managers is around $36 an hour, which is about $74,000 per year.