The best a business owner can do in today's ever-changing business environment is try to assess the most reasonable business risks upfront and then plan accordingly. Risk management experts offer preventive steps to help protect businesses from possible threats.
Some risks can be mitigated by making sure the business owner has proper insurance coverage, explains Robert E. Underdown, a Scottsdale, Ariz.-based risk management consultant and insurance expert witness. "You want to have the general bases covered," the expert says. Risk categories can broken down into environmental (i.e. natural disaster/weather); financial (i.e. financial market risk); management (i.e. labor disputes); and supply (i.e. supply-chain issues).
Excerpted from Newsday.com.
Some risks can be mitigated by making sure the business owner has proper insurance coverage, explains Robert E. Underdown, a Scottsdale, Ariz.-based risk management consultant and insurance expert witness. "You want to have the general bases covered," the expert says. Risk categories can broken down into environmental (i.e. natural disaster/weather); financial (i.e. financial market risk); management (i.e. labor disputes); and supply (i.e. supply-chain issues).
Excerpted from Newsday.com.
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