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Why does a business owner need to consider risks?

Running a business is inherently risky. Many factors outside the control of the business owner can influence the success or failure of the enterprise and a high percentage of new businesses fail within a few months of inception. Even large and successful businesses can succumb to changing conditions. Consider what has happened to some of the largest companies in industries such as automobiles, telecommunications, computers, and railroads. To improve the probability of success, the management of a business should think about potential risks and how to offset them.

The losses to a business caused by increased expenses or decreased revenues could threaten the livelihood of the owner or owners. A realistic analysis of the risks inherent in the business and a plan for dealing with them will protect the business from unanticipated losses and disruptions to its flow of income.

Use the menu below to view more about Basics

  Basics

Why does a business owner need to consider risks?
What is risk analysis?
What types of risks need to be considered?
What are some key risk management techniques?
How often should I review my risk analysis?
How does the structure of the organization relate to the businesss risk?
What is a closely held corporation?
What is business insurance?
What should I do about computer and data risks? Do I require insurance?
What kinds of insurance does my new business need?
How much is it going to cost?
How does insurance relate to business risks?
How are rates determined for business property and casualty coverages?
Why consider buying insurance for business risks?
Are there some risks that cannot be insured against?
Which risks need to be insured against?
What are some examples of risks that may not require you to buy insurance?
What factors will control the cost of business insurance?
What can dramatically add to the cost of my business insurance?
What is the best buy for many small businesses?
Does it help to have been a long term customer with the same company?
What are property related risks?
What are casualty risks?
What about crime, employee theft, and related risks for a business?
Do I need directors and officers (DNO) coverage?
Do I need liability insurance?
Do I need fringe benefits for my employees?
What is a buy and sell agreement? Should I have one?
What about business continuation in a closely held business?
What about buy-sell agreements for unincorporated businesses?
What about buy-sell agreements for corporations?
How do you create a plan for stock redemptions?
How does a business owner create a plan to dispose of the business during the owner’s lifetime?
How do you set a value on the business for purposes of a buy-sell agreement or other reasons?
Are business insurance issues extremely complicated?
Do I need an advisor?
What are business interruption risks?
What about workers compensation?
What do I need to know about unemployment insurance and social security (FICA)?
What is business owner's policy (BOP)?
Who is eligible for a business owner’s policy (BOP)?
Why buy a business owner’s policy (BOP)?
How would a life insurance or disability policy be used in business?
What basics do I need to understand about life insurance?
What are the basic facts about why life insurance may be used by business owners?
What happens when a business owner dies unexpectedly?
What about key person life insurance?
How do you determine the financial value of a key employee to determine how much insurance to purchase?
What about key person disability?
What about disability insurance?
What basics do I need to know about disability insurance?
Now that I have a successful business, how do I protect my assets for myself and my family?
I have been successful enough that my business is no longer a “small business.” What should my concerns be about my risk and insurance planning now?
What is a professional service agreement?
How can buy/sell agreements and insurance help with the transition to retirement?
What are some uses of life insurance in compensation planning?
How does the business owner set up these various business agreements?
Should I have key person insurance?
As a business owner, what should my personal insurance plan consist of?
Do I need to consider an estate tax plan?
How do I find a broker or advisor I can depend on?
  


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