Risk Management in a Business

BASIC WAYS TO MANAGE RISK IN A BUSINESS Follow Your Plan When you are starting and developing your business, you should create a business plan that outlines all of the aspects of your operation from marketing to revenue projections. A dynamic but efficient business plan can help manage the risk you may take to run your business. RISK Purchase Insurance Interacting with the public, or selling to businesses, introduces you and your company to risk every day. To defend yourself and manage some of the risks involved in business, you should purchase liability insurance for your business. Liability insurance can help protect your personal assets from lawsuits arising from product defects, personal injury or a customer's loss of revenue. Monitor Your Business Interacting with the public, or selling to businesses, introduces you and your company to risk every day. To defend yourself and manage some of the risks involved in business, you should purchase liability insurance for your business. Liability insurance can help protect your personal assets from lawsuits arising from product defects, personal injury or a customer's loss of revenue.