[vc_row][vc_column][vc_row_inner el_class=”container”][vc_column_inner][vc_column_text]Business risk should be a fundamental consideration for any tradesman or small business \u00a0owner, and properly protecting yourself can be the difference between swimming in cash or being in the sh*tter.<\/p>\n

Most small business owners don\u2019t spend as much time as they should understanding risk and how it can affect their business, let alone implementing strategies to manage, avoid or transfer risk.<\/p>\n

Instead of putting your head in the sand and hoping for the best we recommend being alert, aware and implementing some simple systems to protect you and your business. Here’s one to start you off:<\/p>\n

What is a business risk management framework?<\/h4>\n

 <\/p>\n

A good place to start is to identify potential risks your business faces, this will help you rank which are most important to cover. Once identified, you can begin to protect against them.<\/p>\n

Some questions to ask yourself:<\/h4>\n

 <\/p>\n

\n
• Is your security adequate? – lock your tools up!<\/li>\n
• What is your plan B incase something isn\u2019t covered?<\/li>\n
• Are your personal and commercial risks insured?<\/li>\n
• Are you training employees in ensuring their own safety?<\/li>\n<\/ul>\n

  Here\u2019s a nice simple example:<\/span><\/p>\n

  <\/p>\n

  How do I do this for my business?<\/h4>\n

   <\/p>\n

  1) Create a table for each of the four areas of risk listed below and identify risks that are specific to your business<\/p>\n

  2) Use your gut feel to decide how often an event might happen<\/p>\n

  3) Cost of event: you can use real numbers if you want, but it\u2019s probably easiest to give it a rank out of 1<\/p>\n

  4) Multiply step 2 and step 4. Now you have a number indicating the severity of the risks you face<\/p>\n

  5) Rank all the risks on that final score.<\/p>\n

  6) Start reducing and transferring that risk.<\/p>\n

  Planning for risk goes far beyond insurance; you should be incorporating Health & Safety, pro-active accounting practices and common sense also.<\/p>\n

  Some examples to tackle common business risks:<\/h4>\n

   <\/p>\n

  \n
  • Implementing policies that value employee safety over speed<\/li>\n
  • Installing security systems to guard property<\/li>\n
  • Avoiding deals with customers with bad credit history<\/li>\n<\/ul>\n

    Over the coming weeks we\u2019ll cover the main areas of business risk:<\/h4>\n

     <\/p>\n

    \n
    • Financial Business Risk<\/li>\n
    • Liability Business Risk<\/li>\n
    • Personal and Family Business\u00a0Risk<\/li>\n
    • Property and Assets Business Risk<\/li>\n<\/ul>\n

      Stay tuned!<\/p>\n

      Cactus Insurance<\/a> believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation found within this publication on the date of this publication. However, no liability is accepted for any loss or damage incurred by any person as a result of any error in any information, opinion or recommendation in this publication.<\/em><\/p>\n

      Nothing in this publication is, or should be taken as, an offer, invitation or recommendation to buy, sell or retain any investment in or make any deposit with any person.<\/em><\/p>\n

      The information contained in this publication is general in nature. It may not be relevant to individual circumstances. Before making any investment, insurance or other financial decisions, you should consult a professional financial adviser.<\/em><\/p>\n

      This publication is for the use of persons in New Zealand only.<\/em><\/p>\n

      Copyright in this publication is owned by Cactus Insurance. You must not reproduce or distribute content from this publication or any part of it without prior permission.<\/em>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row el_id=”related-post”][vc_column][vc_custom_heading text=”Related articles” font_container=”tag:h2|text_align:center|color:%2313143e” use_theme_fonts=”yes” el_class=”title my-5″][vc_basic_grid post_type=”post” max_items=”4″ element_width=”3″ orderby=”rand” item=”918″ grid_id=”vc_gid:1511843703666-d040a9cb-819c-5″ el_class=”related-posts mx-auto mt-3 “][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

      [vc_row][vc_column][vc_row_inner el_class=”container”][vc_column_inner][vc_column_text]Business risk should be a fundamental consideration for any tradesman or small business \u00a0owner, and properly protecting yourself can be the difference between swimming in cash or being in the sh*tter. Most small business owners don\u2019t spend as much time as they should understanding risk and how it can affect their business, let alone […]<\/p>\n","protected":false},"author":2,"featured_media":2631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tradesmen"],"acf":[],"yoast_head":"\n