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What Is Risk Management?
Risk management as defined by the Cambridge Dictionary is the job of deciding what possible financial risks are involved in a planned activity and how best to avoid or deal with them.
Why Is Risk Management Important To You?
Risk management affects us all personally and businesses as well. Understanding risk management can allow one to take advantage of these potential risks and turn them into value for yourself or your business.
Is Risk Management Just An Insurance Policy
Though often in the past, it was believed that buying insurance was the only possible and best mitigation strategy for risk, this is a simplified understanding of risk management. Proper risk management strategies should understand the benefits and potential downsides of buying insurance and whether these risks could be mitigated in other ways. In this blog, we will seek to pass along more information to make you a better risk manager as we believe everyone in the company and personally is a risk manager.
What Is Insurance?
Insurance as defined by the Cambridge Dictionary is an agreement in which you pay a company money and they pay your costs if you have an accident of Injury.
Why Is Insurance Important To You?
Insurance helps to protect individuals from financial damages for when bad events occur. You are transferring the risk of that bad event(car accidents, health emergency, theft, fire, flood) to the insurance company in exchange for them to assume the risk up to your policy limits specified by paying your premiums to the insurance carrier.
What types of Insurance are there?
There is insurance for all forms of risks that an individual’s can expect to occur or even risks that are unlikely to occur. This can range from car insurance, home owners insurance and life insurance, to more exotic risks such as alien abduction, lottery, and even body part insurance.