Preventive care: the best prescription for business risk management.

AuthorTrimble, John C.
PositionIndiana: small: business reference: guide

Business owners are aware generally that catastrophes can strike a business. Unfortunately, many business owners think only in terms of motor vehicle accidents, work place injuries, natural disasters, and fires. They fail to perceive that litigation arising from employment disputes, discrimination, product liability, trademark infringement, or key employee departures can also have catastrophic results. Likewise, the death, long-term disability, retirement, or divorce of a key employee can seriously impact upon the financial health of a company.

Comprehensive risk assessment requires collaboration among a company's accountant, lawyer, and insurance agent long before a catastrophic event occurs. The investment in a few hours of a professional's time is just that: an investment. The money that a business spends in preventative assessment of risks and implementation of safeguards can be far less than the attorneys fees, expenses, lost productivity, and damages that arise from poor planning (or no planning at all).

At a minimum, prudent business owners should have professionals look at their...

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