What Is Risk Management for a Small Business?

What Is Risk Management for a Small Business?

What Is Risk Management for a Small Business?

Here’s a quick overview of risk management:

  • Risk management is the practice of reducing the likelihood of loss to your business.
  • This includes identifying your specific risks and taking steps to control them.
  • Risk management services can help guide you through this process at no extra cost.
  • The goal is to create a safer, more secure work environment.

Question I consider myself an expert in my own industry, but the concept of risk management is a little murky to me. I’m not even sure what it entails, let alone how to do it. Where do I start?

Joel Brekken is a Farmers Insurance® agent in Duluth, Minnesota. He talks about how risk management helps you protect your operations.

Answer Risk management means minimizing the risk of loss to your company. How you go about this depends on the specific characteristics of your operations. No two businesses have the exact same processes, workflows or risk profiles. If you’re a Farmers® customer, our Risk Management Services can help you identify potential hazards and reduce or eliminate them.

A Farmers will conduct an on-site risk assessment and create a plan for making your workplace safer and more secure. This could include employee training, installing or upgrading safety equipment, changing the way you handle money, or implementing new policies and procedures. Remember, there are all kinds of risks when running a business, and many go unnoticed until something happens. Our specialists are trained to spot potential problems to help you address them before a loss occurs.

Farmers also provides online resources with advice and hotlines to help control cyber risks and employment practices liability risks.

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