Understanding Risk Management Basics for Business Owners 2026

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.

Learning Objectives:

• Understand the Insurance Industry Landscap: Gain a big-picture overview of the insurance industry, including the roles of wholesale and retail insurers and the distribution process
• Make Informed Choices About Insurance Providers: Learn key considerations for selecting the right carrier or broker to meet your business’s specific needs
• Understand the Role of Underwriters: Discover how underwriters assess risks and determine coverage terms for businesses
• Adopt Safety and Loss Control Best Practices: Explore general strategies for enhancing workplace safety and minimizing loss exposures
• Master the Risk Management Process: Learn the step-by-step approach to identifying, assessing, and managing business risks effectively
• Identify and Categorize Types of Loss Exposures: Understand the main categories of financial loss exposures, including property, liability, and human resource-related risks
• Measure Potential Losses: Gain the tools to estimate the frequency and severity of potential losses and their financial impact on your business
• Implement Key Risk Control Methods: Explore five essential strategies for managing risks, including risk avoidance, reduction, planning, transfer, and sharing
• Develop a Proactive Risk Management Plan: Build confidence in creating and implementing a comprehensive plan to protect your business assets and operations

This webinar will equip attorneys with a solid understanding of risk management principles, enabling them to better advise business clients on selecting insurance providers, assessing potential liabilities, and implementing effective loss control strategies. Additionally, attorneys will gain insight into the underwriting process and risk exposure measurement, enhancing their ability to navigate legal issues related to business insurance and risk mitigation.

Other Webinars in this Series

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