alive, you are at risk of something. It is impossible to
live your life without facing some sort of risk on a
daily basis. Since you canít avoid all risk, itís up
to you to try to manage some of the greater risks in
your life, so that you can minimize the possible risk of
a financial disaster.
How can I minimize loss?
is the process of identifying potential situations
involving risk and figuring out the best way to avoid
these risks or how to quickly recover from any loss
or damage caused by situations beyond your control. Your
goal is to minimize any risk or potential for risk
through thorough planning.
against losses by having adequate insurance coverage is
a key part of risk management. For example, if your home
or business is located in a part of the country prone to
hurricanes, you may want to purchase storm or flood
insurance. Then, if you have adequate coverage, your
insurance will cover the costs to repair damage caused
by high winds, rain, rising water, and hail that
accompany hurricanes, tornados, or thunderstorms.