Delaware Business Insurance Update by CNC Insurance Associates Inc. "The 5 Steps of the Risk Management Process can be used Everywhere" 8-26-13

In the practice of risk management there are 5 steps that every business owner needs to be familiar with. Once you understand these steps you can use them in just about every application or business situation. Why you ask?, because practicing good risk management can make your business profitable. The 5 steps are used when looking at risks. Step 1 is identifying your risks. There are plenty of methods that are used to get this accomplished. Step 2 is analyzing the risks. Again, the textbooks are filled with tools you can use. Step 3 and Step 4 are controlling and financing the risks, which may mean beefing up safety and buying insurance, but not necessarily. A good risk professional can help you with the proper applications of control and financing. Finally Step 5 is administering and monitoring your risks on an ongoing basis. Sounds like a lot of work doesn't it? Practicing risk management is not easy, but those businesses that do, usually have a competitive advantage. The risk management process exists because it works. If a business can keep its total costs down as it manages it's inherent risks, then the business flourishes. Our educational website www.bizinsurancetv.org has some more information on the risk management process, so take a few minutes and visit the site. Until next time be careful out there and know your risks.

By G. Kevin Nemith, President CNC Insurance Associates Inc.
Serving DE, MD, VA, PA & NJ.
www.cncinsurance.com
www.bizinsurancetv.org

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