For anyone new to the business world, risk management may be a new term to learn. Caitlin Morgan is a good place to start when you are ready to look at risk management insurance, but first, here is a look at what this term means.
Part of managing risk is identifying it in the workplace. You might go through some common risks first to determine if they apply to your business. After that, you may need to get creative in your thinking. Your list of risks will not always be the same as other businesses, and that is alright.
Not all risks are the same, either in frequency or severity. Once you know the risks to look out for, it is important to determine the situations these risks are most prevalent in and how much potential damage will be caused.
Whether you have one or one hundred employees, it is important everyone working for you knows what risks to expect and how to handle them. For a larger business, you might have one or more people in charge of checking that employees practice safe procedures that reduce risk.
Risk management is important to the longevity of your business. If this is a new practice, seek guidance from a professional.