5 Step Venture eMentoring Program™
Module 5a: Managing Business Risk
Managing risk can be one of the most important things you do to maintain the viability of your business. You've probably heard the horror stories about lawsuits that arise from careless hiring practices or major property expenses that result from a simple repair job left undone. Too often, major losses could have been avoided by simple attention to prevention early on. Purchasing business insurance can be a wise choice in preparing for the unexpected. There are many different types and many different prices. Investigate providers, coverage and costs to determine what makes the most sense for you and your operation. Follows is a summary of different types of insurance coverage. This summary was prepared by the US Small Business Administration.
Review each category carefully, and determine whether it represents issues that you need to be sensitive to. If so, you should talk to an insurance broker. There are many and so shop around. Check the choice that best represents your status. This will help you to quickly see which areas you need to further investigate.