First off, understand that when we are talking about Practical Risk Management, we are not simply talking about insurance. Insurance is a piece of the puzzle, but if you’ve only focused on insurance you’re missing some critical elements. Elements that left unmanaged could leave you seriously unprotected.
Larger companies have dedicated Risk Managers that spend 365 days a year managing the risks that threaten their business. So does your company have less risk? Perhaps in the size of your exposure, but larger companies typically have the balance sheet to write a check to recover from a major loss. Do you?
Even businesses that have insurance in place are often times seriously unprotected. Insurance can be a good start (if it’s done right…), but there are safeguards you can put in place that won’t cost you a dime. Do you know what these are? In fact, in many cases you can actually spend less by implementing a more holistic risk program than you currently spend on insurance alone.
What’s the Solution? A good first step is to download the Practical Risk Toolkit. This is a great resource that will provide you with a framework to help you manage your business risk. You will also get a Practical Risk Assessment that will get you started with identifying and controlling these risks.
