Risk Management in startup company
August 10, 2009
How to Manage Risk in Your Business
To manage risk in your business:
1. Write your business plan.
2. Go through your business plan critically and find out risk areas and involved risk facts. Then select the considerable areas.
3. Spend time with others who know your business.
4. Collect Ideas from senior business people try to solve the problems above mentioned.
5. For those risks that can be handled by insurance coverage, determine how much and what type of insurance is needed.
6. Choose a reasonable amount of insurance to cover those risks.
7. Contact more than one insurance agent to get quotes on the insurance that is needed.
8. Arrange for insurance coverage to begin before the doors open on your business, if possible.
9. For those risks not covered by insurance, put together a contingency plan for handling each of the risks identified.
10.Review your plan annually, including input from all employees.