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Small Business Management 12e - Longenecker, …
Risk and Insurance Looking Ahead After studying this chapter, you should be able to: Define risk and explain the nature of risk. Explain how risk management can be used in coping with business risks. Describe the risks associated with different types of assets, both physical and human. Explain the basic principles used in evaluating an insurance program and the fundamental requirements for obtaining insurance. Identify the different types of insurance coverage. What is Risk? Risk The chance that a situation may end in loss or misfortune. Market Risk The uncertainty of a gain or a loss associated with an investment decision. Pure Risk The uncertainty associated with a situation where only loss or no loss can occur—there is no potential for gain (only downside). Risk Management Risk Management Ways of coping with risk that are designed to preserve assets and the earning power of a firm. The Process of Risk Management Step1: Identify risks. Step 2: Evaluate risks. Step 3: Select methods to manage risk. Step 4: Implement the decision. Step 5: Evaluate and review. Methods to Manage Risks Risk Control Minimizing potential losses by avoiding or reducing risk. Risk Avoidance Preventing risk by choosing not to engage in hazardous activities. Risk Financing Making funds available to cover losses that cannot be managed by risk control. Methods to Manage Risks (cont’d) Risk Transfer Buying insurance or making contractual agreements with others to transfer risk. Risk Retention Choosing—whether consciously or unconsciously, voluntarily or involuntarily—to manage risk internally. Self-Insurance Designating part of a firm’s earnings as a cushion against possible future losses. Tools For Managing Risk The Wheel of Misfortune Risk Management and the Small Firm Risk management differences from large firms: It is more difficult for small firms to get insurance coverage. Large firms can assign responsibilities for risk management to a specialized staff manager. Risk management is not so
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