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- 1. 17 Small Business Protection: Risk Management and Insurance McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Hinweis der Redaktion
- Conventional wisdom used to say that entrepreneurs are risk takers. However, entrepreneurs see themselves as taking only a calculated risk.
- There are many things that can go wrong: just ask the victims of 2005 hurricane Katrina in New Orleans. Other risks may be special to certain industries such as tools stolen off a construction job site, customer injury in a rock climbing gym, or illnesses from hospital employees.
- Each of these is discussed on the next slides.
- The firearms and tobacco industries have a difficult time obtaining liability insurance and do so at a very high rate due to the nature of their industries. Even when the products are used correctly, they are inherently harmful.
- Offering credit is, again, a two edged sword. At some point customers will not pay and may need to be turned over to collections. This loss results in higher costs for future customers.
- Limit both the possibility the risk will occur and the damage that will occur if it does. Think of it this way: In a car you drive defensively to prevent and accident. But you also wear your seatbelt to minimize the risk of injury should you be in an accident despite your preventive measures.
- Owners choose the people to hire, screen them, train them, pay them, and still they betray you. Background checks and drug checks can reduce your risks but not eliminate it. Checks and balances and your constant presence will also help reduce the risk.
- The government is one sleeping giant you don’t want to wake. The accounting software discussed earlier in the book helps owners to keep track of their records and can remind them when it is time to make payments. Many accountants also offer a service to call and remind you when taxes are due or when it’s time to bring in a backup of your record so they can calculate the taxes for you.
- Employees are your company representatives. As such you need to train them and teach them what is expected and tolerated. Some insurance companies will give discounts to companies that participate in formal training for legal issues such as sexual harassment.
- EEOC stands for Equal Employment Opportunities. EEOC requires ‘reasonable accommodation’ but does not specify what that is. Make use of the website to check both federal and state laws. There are also industry specific laws. HR personnel, those who screen and hire, managers, and supervisors, are the most important employees to receive this training.
- Start with what risks you face. St Louis companies make need earthquake insurance, but not hurricane insurance. Most retail companies need a general level of customer liability insurance. Rock climbing gyms and gun stores need more. In fact, in the firearms industry some manufacturers require their distributors to carry a minimum of $10 Million in liability insurance. Worker’s compensation insurance will rise as claims against it rise but it is required insurance. Doctors are the most common users of malpractice insurance. In fact, many Obstetricians are now refusing to deliver babies because of the risks associated to it and the cost of malpractice insurance to cover it. $500,000 annually is not unheard of in the medical industry.
- Crime insurance may include employee misconduct insurance to prevent incidents such as embezzlement. Other policies may require bonding employees who handle large amounts of money.