What does it mean?
Risk is the possibility that a loss or adverse event may interfere with your ability to fulfill your objectives, whether through business or personal insurance. Risk also refers to an event in which a claim will be submitted.
Risk Management with Personal Insurance
- Protect your loved ones from harm
- Reduce liabilities
- Assist in clearly defining insurance needs
Risk Management with Business Insurance
- Save on resources (assets, income, property, staff)
- Protect your reputation
- Prepared for circumstances which could interrupt business
The Main Benefits of Risk Management:
- People may sue in the event of even a minor occurrence. Taking steps to manage risk and reduce injuries could help in defending against a claim.
- Courts can be sympathetic to injured claimants and may give them the benefit of the doubt.
- Organizations, as well as individuals who give professional advice, are held to very high standards.
- People are more aware in this day in age of the level of service that they can expect, and the recourse they can take if necessary.
- Corporate and non-profit organizations can be held liable for the actions of their employees, volunteers, directors, and officers.
- Big businesses are often perceived as having deep pockets, big assets, and large insurance policy limits.
Get in touch with BSMW to learn more about managing risk – we are here to help you protect your assets, family, business, and employees!