Risk Management

Risk Evaluation

• What are the major threats or risks to your business? Examples of major risks would be you getting sick or injured or a strike by the transportation industry.
• What are the market risks? Examples would be a strike or shut down by a major employer, a recession and extreme weather conditions.
• Identifying these major risks are important and then outline what your response would be should these identified risks occur.

Insurance Requirements and Proposed Coverage

• To determine the insurance requirements and cost for the proposed business contact a reputable insurance agent who specializes in business insurance. You must consider a loss of the items in your possession and the liability aspect.
• If your business is home-based talk to the insurance agent for your residence regarding possible changes to your homeowners policy.
• If you will be using your personal vehicle for business, even occasionally, consider putting business coverage on it. It is inexpensive and can be used as a business expense.