Insurance. Who wants to talk about insurance? Your focus is growing your business. Adding to the top line. Increasing revenue. Becoming more profitable. Part of growing your business is learning to manage your risk.
Most entrepreneurs are focused on building their businesses and they fail to properly manage their downside. One bad accident or weather event can knock you out. All your hard work and ingenuity can be lost by one event out of your control. Most small businesses that are hit with a major loss do not have the insurance in place to make a recovery.
Part of managing that risk is to build a team around you that can help you think through the right issues for you and your company. Large companies have large risk management divisions to watch the downside. Small to mid-size companies may not be able to afford to have risk management teams.
Some things to consider:
When was the last time you had your contracts or leases reviewed from a risk perspective?
Is a risk advisor part of your inner circle of advisors?
Who is helping you implement your risk management plan?
Do you know the most common form of losses to impact companies in your industry?
You need an advisor to help you plan for managing your risk. Call your advisor at Texas Associates to schedule a time for a comprehensive Risk Management Analysis.