Tag - business insurance

Five Insurance Risk Management Strategies

Sinu Kook2025-03-25T06:43:21+00:00A necessary component of financial planning, risk management, helps companies and people guard against possible losses. Although it is only one of several techniques used to reduce financial exposure, insurance is rather important in controlling risks. Risk avoidance, risk reduction, risk retention, risk transfer, and risk sharing are five basic approaches of risk management. Every technique is applied differently based on the kind of risk and required degree of protection. Risk Avoidance: Avoiding risk entails getting rid of any event or behaviour that...