Make Better-Informed Decisions About Your Risks
Every individual, family, and business faces risks that can affect finances, property, operations, and long-term plans. Effective risk management begins with understanding those risks and considering appropriate ways to reduce, manage, transfer, or prepare for them.
SecureWay Insurance provides general risk advisory information to help you better understand common risks and the role insurance can play as part of a broader risk-management strategy.
Understanding Risk
Risk is the possibility that an unexpected event may result in financial loss, damage, disruption, liability, or other consequences.
Common areas of risk include:
Why Risk Management Matters
Effective risk management can help individuals and organizations prepare for unexpected events and reduce their potential impact.
A practical approach may involve:
Identifying potential risks
Assessing the likelihood and potential impact
Implementing measures to reduce exposure
Transferring appropriate risks through insurance
Monitoring risks as circumstances change
Reviewing protection periodically
Personal Risk Advisory
Individuals and families may face risks involving their homes, vehicles, personal property, health, travel, finances, and personal liability.
Consider reviewing your protection when you:
Purchase a home or vehicle
Acquire valuable property
Experience major family changes
Travel frequently
Change your financial circumstances
Take on significant personal liabilities
Appropriate insurance coverage can be one component of a broader personal risk-management strategy.
Business Risk Advisory
Businesses can face risks that may affect their property, employees, customers, finances, reputation, and daily operations.
Common business risks include:
Property Risk
Damage or loss involving buildings, inventory, equipment, or other business property.
Liability Risk
Claims arising from injuries, property damage, professional services, products, or other business activities.
Operational Risk
Unexpected events that interrupt normal business operations.
Employee Risk
Risks associated with employees, workplace incidents, and applicable employment obligations.
Equipment Risk
Unexpected breakdown or damage involving essential machinery and equipment.
Business Interruption Risk
Events that prevent or reduce a business’s ability to operate normally.
Professional Risk
Claims arising from professional services, advice, errors, omissions, or alleged negligence.
Risk Management Strategies
Risk can generally be managed through several approaches:
Avoid
Avoid activities or situations that create unnecessary or unacceptable exposure.
Reduce
Implement safety procedures, controls, maintenance, training, and other measures to reduce the likelihood or impact of a loss.
Retain
Accept certain risks and prepare to handle the financial consequences when appropriate.
Transfer
Transfer certain financial risks to another party through contractual arrangements or appropriate insurance coverage.
Review
Regularly reassess risks as personal circumstances, business operations, assets, and external conditions change.
Insurance as Part of Risk Management
Insurance can help transfer certain financial risks in exchange for a premium.
Depending on the circumstances, insurance may help address risks involving:
Property
Vehicles
Health
Life
Travel
Personal liability
General liability
Professional liability
Commercial property
Workers’ compensation
Equipment breakdown
Other specialized risks
Insurance should be considered alongside other risk-management measures rather than as a replacement for appropriate safety, prevention, and planning.
Risk Review Checklist
When reviewing your risks, consider:
What could go wrong?
How likely is the event to occur?
What would the financial impact be?
What assets or activities are exposed?
What risks can be prevented or reduced?
What risks could be transferred through insurance?
What coverage limits may be appropriate?
What exclusions or deductibles apply?
When should the coverage be reviewed again?
When Should You Review Your Risks?
A risk review can be particularly useful after major changes such as:
Buying or selling property
Purchasing vehicles or equipment
Starting or expanding a business
Hiring employees
Entering new markets
Changing business operations
Taking on new contracts
Experiencing major family changes
Acquiring significant assets
Changing insurance coverage
Risk Advisory for Businesses
Businesses may benefit from periodically reviewing their insurance and risk-management arrangements to ensure that protection continues to reflect their current activities and exposures.
Potential areas to review include:
Property → Liability → Employees → Equipment → Operations → Professional Services → Business Continuity
Need to Review Your Insurance Protection?
Understanding your risks is an important step toward making informed decisions about protection.
Explore our insurance solutions to learn more about coverage areas that may be relevant to your personal or business circumstances.
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Important Disclaimer
The information on this page is provided for general educational and informational purposes only. It does not constitute insurance, financial, legal, tax, or professional risk-management advice and does not create an insurance contract or guarantee coverage.
Risk exposures and insurance requirements vary according to individual circumstances, business activities, jurisdiction, policy terms, and other factors. Insurance coverage is subject to applicable policy terms, conditions, limits, deductibles, and exclusions.
Before making insurance or risk-management decisions, review the applicable policy documents and consult the relevant insurer or a qualified professional regarding your specific circumstances.
Related Resources
Insurance Guides — Learn more about common insurance concepts and coverage.
Business Insurance — Explore insurance considerations for businesses.
Claims Assistance — Learn about general claims assistance and support.
Frequently Asked Questions — Find answers to common insurance questions.
Contact Us — Get in touch for further information.
