Understanding Risk Management Basics for Business Owners

Webinar Overview

This webinar (1) describes the insurance industry from a big-picture perspective, (e.g., insurance distribution, wholesale v. retail Insurers), (2) offers considerations for choosing a carrier or broker, (3) explains how underwriters operate, (4) reviews some general best practices for safety and loss control, and (5) addresses some fundamental aspects of risk management, such as:

• The Risk Management Process – A step-by-step method to identify, assess, and handle risks that could impact a business.
• The Main Types of Loss Exposures – An explanation of the different ways a business could suffer financial losses:
  • Property losses, like damage to buildings or equipment.
  • Liability losses, such as lawsuits or claims from customers or third parties.
  • Human resource losses, including employee injuries or unexpected departures.
• Measuring Loss Exposures – A guide to estimating potential losses by evaluating how frequently they might occur and how much they could cost.
• Risk Control Methods – Five key strategies to protect a business, such as avoiding risks altogether, reducing their impact, planning for potential losses, transferring risks through insurance, or sharing them with others.

Other Webinars in this Series

• Currently, there are no other webinars in this series.