Traditional – Property Loss Risks
You can look far & wide but may never find a single definition of Risk. A good working definition of risk might be articulated as the following: Risk is an uncertainty concerning the fortuitous or unforeseen & unexpected possibility of an occurrence of a loss.
For the business enterprise, there are an exceptionally large number of all types of risks. Many business owners don’t even know what their risks are, so for clarity lets pick a starting point. Lets look at your risks in two parts to begin to gain a better understanding. The chance of loss of Assets & the incurring of Liabilities; That is risk of loss of your assests be they Financial, Real, & or Personal. Then Liabilities or the risk of monetary loss from lawsuits or the threat thereof from becoming legally liable because of negligence. From there a conceptual framework can begin to crystallize in your mind that is helpful to begin to get your mental arms wrapped around this quite expansive subject.
We break Business Risk down even further into four sub categories:
General Liability Risks Employment Practices Liability Risk Property loss Risks Loss of Business Income Risks
HR Reg Risk Labor Law Compliance
Risk Advisory at Deerfield starts with a clear eyed understanding that risks are everywhere unlimited & never ending. We spend a great deal of our time thinking about the risks our clients face day in & day out so we can advise them properly. We work as hard as we can to make sure nothing falls through the cracks that can come back to bite you later. That’s Risk Advisory Deerfield style.