Risk Management Strategies

Risk management is the cornerstone of any financial plan. It doesn’t matter how great the rest of your plan is, if you have not taken the necessary steps to manage or eliminate risk, all of your remaining planning efforts may be pointless.

How do you manage risk? There are four basic techniques to managing risk: 1) risk avoidance, 2) risk reduction, 3) risk retention and 4) risk transfer. Risk transfer always involves some form of insurance. As a business owner you already use insurance in a variety of commercial applications. In the event that you have additional general business insurance requirements we would be most happy to refer you to a well qualified commercial broker to help you obtain the appropriate coverage.

Personal insurance coverage is one of our specialties. Life insurance is often used to fund income replacement, funding a shareholder’s agreement or as part of an estate plan. Another critical use of insurance is to mitigate the costs associated with various health conditions. As with a loss due to death, the financial cost of an uninsured loss relating to health can be catastrophic. In both cases we will help you assess the risk to you, design the appropriate insurance strategy, select the best insurance carrier and guide the application through the underwriting process.