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E. PLANNING AND PREPARING TO MANAGE A SMALL BUSINESS. 13.00 Explain business risk. 13.02 Explain methods of dealing with business risk. Methods of dealing with business risk. Risk reduction Risk transfer Risk retention Emergency planning. Risk reduction.

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slide1

E. PLANNING AND PREPARING TO MANAGE A SMALL BUSINESS

13.00 Explain business risk.

13.02 Explain methods of dealing with business risk.

slide2

Methods of dealing with business risk

  • Risk reduction
  • Risk transfer
  • Risk retention
  • Emergency planning
slide3

Risk reduction

  • Design work areas to reduce the chance of accident or fire.
  • Educate employees on safe use of equipment.
  • Check and service safety equipment on a regular basis.
  • Stress the limits of your company’s products.
  • Implement ways to reduce shoplifting.
  • Control employee theft.
  • Implement ways to reduce robbery.
slide4

Risk transfer

  • Property insurance: Covers the loss of physical property (cash, inventory, vehicles, buildings).
  • Real property: Buildings, land, and fixtures.
  • Personal property: Vehicles, clothing, furniture, jewelry.
  • Business interruption insurance: Makes up for lost income if a business is shut down for repairs or rebuilding.
slide5

Risk transfer

  • Casualty insurance: Protects a business from lawsuits.
  • Errors-and-omissions insurance: Protects businesses from lawsuits resulting from mistakes in advertising.
  • Product liability insurance: Protects manufacturers from claims for injuries that result from using their products.
  • Fidelity bonds: Protect companies from employee theft.
  • Performance bonds: Protect a business if work is not finished on time or as agreed.
slide6

Risk transfer

  • Life insurance: Pays a business in the event of the insured person’s death.
slide7

Risk transfer

  • Workers’ Compensation: A government-regulated program that provides medical benefits and income to employees who are injured on the job.
slide8

Risk retention

  • Self-insurance against business loss
  • The business must set aside money each month to help cover the costs should a loss occur.
slide9

Emergency planning

  • Businesses must have procedures in place before a crisis occurs.
  • Businesses must create emergency response plans to handle emergency situations.