Every business, regardless of what industry they are in, is faced with certain risks that threaten the profitability and reputation of their company. To ensure you are able to effectively mitigate risk, there are several questions you should ask your professional liability risk advisors when you are speaking with them.
1. What Risks are a Threat?
Every business is faced with a unique set of risks. For example, if you are an accountant, you may accidentally make a mistake that threatens the financial stability of one of your clients. Your professional liability risk advisors can help you understand which risks threaten your business and come up with a plan to mitigate them.
2. What Types of Insurance are Needed?
The best way to mitigate risk is to properly insure your business. However, just like the risks that threaten your business are different than any other business, so are the types of insurance you need. Your risk advisors can introduce you to the right insurance solutions to protect your business.
3. How Can Risk be Eliminated?
Although insurance is one of the best ways to protect your business, there are other strategies your business can use to protect its best interests. While risk can never be entirely eliminated, your advisors may be able to help you understand what else you can do to minimize risk and safeguard your company.