{ Risk Management Entrepreneurship/Marketing

 Managing risk that may affect your business or your lifestyle.  Types of Risks  Crimes  Robbery, employee theft, and shoplifting  Stolen Credit Cards  Bad checks  Computer Crime  Natural Disasters  Hurricanes, Tornados, Floods, Fires, Earthquakes  Accidents and Injuries  Can be negligence on behalf of the business or a shear accident. What is risk management?

 Avoiding the risk  Reducing the risk  Designing areas with risk reduction in mind  Educating employees on how best to reduce risk  Checking your equipment responsibly  Test equipment and products under extreme conditions so you are sure they will operate safely  Testing cars How do we manage risk?

 Transferring risk to another person or company  Property Insurance  Casualty Insurance  Life Insurance  Worker’s Compensation  Risk Retention  Taking the risk yourself  Company cannot get insurance  Company insures itself  To do this company must be large and have huge capital in the bank to afford this type of insurance. Managing risk con’t

 Business interruption insurance  Liability/Casualty insurance  Errors and omissions insurance  Life insurance  Worker’s Compensation  Product liability insurance  Property insurance  Fidelity Bonds  Performance bonds Assignment on Risk Definitions-define and give an example of a senario when this type of insurance can be used-turn in