Question

what are the five posses of business risks​

Answer 1

Answer:

There are five basic steps that are taken to manage risk; these steps are referred to as the risk management process. It begins with identifying risks, goes on to analyze risks, then the risk is prioritized, a solution is implemented, and finally, the risk is monitored.

Explanation:

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Answer 2

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☞ BUSINESS INTERRUPTION

Many small business owners don't think about what they'd do if a disaster, such as a tornado or fire, makes their business location uninhabitable, says the Insurance Information Institute (III). It's important to have a plan in place in case you're forced to temporarily relocate or close while repairs are made.

How to prepare your business: Consider purchasing business interruption insurance, which is typically part of a business owners insurance policy. Business interruption coverage may help replace lost business income or pay for extra expenses (such as rent for a temporary location) if a covered event damages your business's physical location. Covered events typically include fire, wind, lightning, theft or falling objects.

RISK #3: INJURIES AT YOUR BUSINESS

If a customer or visitor is injured at your business, and you're found liable, your business could be on the hook for court costs, medical expenses or legal fees.

How to prepare your business: Consider commercial general liability (CGL) coverage for your business. This type of liability coverage is also typically included in a business owners insurance policy, and may help protect you in the event someone is injured at your business. For example, if an employee accidentally hurts someone else while performing their work, this coverage offers protection for related lawsuits. It may also help pay for the injured party's medical expenses or the business's court costs or legal fees.

RISK #4: PROFESSIONAL LIABILITY

If your business provides services or advice to clients, your company may face the risk of lawsuits stemming from things like alleged negligence or providing inaccurate advice.

How to prepare your business: You may want to consider investing in professional liability insurance, sometimes referred to as errors and omissions insurance or even miscellaneous professional liability. If a client holds you responsible for any losses they incurred based on the advice or services that your business supplied, this coverage may help protect you. It may also help cover legal fees or other costs stemming from judgments or settlements against you

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