A lot of our clients are owners of small businesses. As your insurance agent, we thought it would be helpful to provide you with 4 common risk management mistakes that we see small business owners make.
Inadequate Risk Management
Risk is inevitable and small business owners must give it proper attention. This does not mean avoid risk altogether or else your business will not grow. You must assign the right team to make risk decisions and have them effectively communicate it to your employees.
Many owners assume that there are parts of their business that are not at risk and as a result, do not buy insurance for them. This leaves their businesses vulnerable to the unexpected, which could lead to problems in the future.
Failure To Document
Every decision you make with regards to risk needs to be written down. Having your risk management decisions written down so employees can see them improves your system as a whole. Plus, its good to have records of everything in case of unexpected future events.
Lack of Technology Skills
In today's business world, technology is power but only if you know how to use it. Too often, we see business owners struggling with their risk management simply because they do not take advantage of what technology has to offer.
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