A good business insurance policy, according to Centriq Insurance, doesn?t just cover risk but manages it. In a recent article, the provide four steps to managing your business?s risk which will provide long-term success.
The first step is to identify potential risks. These are all the risks your business is exposed to. The next step is to prioritise them in order of likelihood and consequence. This means determining which risks are most likely to happen and which ones will cause the most damage. These are the risks that should be catered for in a business insurance policy. Risk management involves avoiding risks, damage control and insurance. These must then be monitored and updated regularly to prevent under or overinsuring so as not to waste valuable time and assets on low priority risks.
To read the full article, visit Bizcommunity.
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