Insurance Maze Blog

Oct 19

Business Insurance-Insurance Plan To Manage Risk

Category: Business Insurance post

October 19, 2007

We purchase insurance on ourselves, our home, private autos, business vehicles and everything else we own, certainly hoping that nothing ever happens that would require us to actually use it, but preparing for the “unknown”, just in case. Risk could be defined very simply as “a potential unknown occurrence”.

As business owners, we face a multitude of risks each and every day from:

An accident on the way to the office
Customer falling on our front steps
An employee just quit and left with some expensive software
Last night we had a fire in our building
Lightning just destroyed our computer
A waterpipe ruptured and destroyed all of our company records
Our shop was burglarized and all tools were stolen

So, we now understand some of the risks associated with the operation of our business, what do we do about it?
Well, we have a couple of choices:

Keep the risk and pay for any potential damages out of our pocket
Pass the risk, at least some of it, to someone else

Insurance, whether personal or business, was designed to protect against the unknown - the risk of a future event.

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Insurance Maze Articles of Interest

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