Larger businesses have dedicated Risk Managers and even entire departments that diligently survey the landscape and come up with ways to mitigate risk. How much time do you spend performing risk management activities for your business? Do entrepeneurs and small businesses have less risk than larger organizations?
There is a school of thought that small businesses are actually exposed to greater risk than the big boys because they don’t have the balance sheet to withstand a major incident. So I’ll ask again… How much time to you spend on proactively managing risk for your business?
Yes, I know that entrepreneurial budgets don’t allow for a full-time risk manager. Even with budget constraints, there are myriad things you can do to protect yourself without breaking the bank. At the very least you need to be able to identify common exposures that face your business and then make an informed decision as to how to either avoid, mitigate or transfer these risks.
In most cases there are things you can do to protect yourself that won’t cost you a dime! And if you get connected with the right Risk Manager/Insurance Broker, they can not only assess and help you manage risk, but save you money by placing you in the optimal insurance program.
