covers the physical property of your small business against problems, such as fire damage or theft. It covers business items, including computers and workstations, desks and chairs, business records, business inventory and supplies. It can also cover your office and business building.
covers your employees if they become ill or injured because of their job. This includes medical care, physical therapy and compensation for lost wages. Death benefits for an employee’s family are available if an employee passes away from a work-related illness or injury.
Workers compensation insurance is required in most states, even if you have only one employee.
covers the vehicles you use for business purposes, such as cars, trucks and vans. A personal policy generally doesn’t extend to business use of a vehicle.
(E&O) will pay for liability costs if a customer or client accuses you of making a mistake in your professional services. E&O is also called .
covers business property that’s being transported over land, such as equipment, materials, products and tools. This coverage is different from marine insurance, which covers your business property while it’s being transported over water.
can pay for recovery costs if your computer system and data gets hacked. It also helps pay for expenses, such as notifying customers who have been impacted by a data breach and credit monitoring.
Short-term liability insurance is designed for short projects, such as an hour, day, week or month. It covers accidental property damage and bodily injuries caused to others. It also covers your legal costs, judgments and settlements if you’re sued because of an accident.
Also known as medical professional errors and omission insurance, covers the costs of claims that result in a patient’s injury or death. It also covers problems, such as medication errors, premature discharge from a clinic and unnecessary surgery. Medical malpractice insurance covers your legal costs, judgments and settlements if you are sued because of a problem covered by your policy.
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I recommend starting with a business owners policy (BOP). It combines three essential small business insurance types: liability insurance, commercial property insurance and business interruption insurance. It’s usually cheaper to buy a BOP than purchasing each coverage type separately.
A BOP won’t cover everything, so I recommend adding more coverage types as necessary. For example, a BOP won’t cover car accidents. If you get into an accident with your work vehicle, you’ll need to add commercial auto insurance . Similarly, if you have employees, you’ll need to add workers’ comp insurance in most states.
I think it’s a smart move to reassess your business risks every year. As your business grows, you’re bound to take on more risks, such as buying new equipment or adding more responsibilities for your employees. For example, you can add equipment breakdown insurance to cover equipment like refrigerators, computer systems and manufacturing equipment.
We recommend looking at several factors to determine how much small business insurance you need, such as:
The average cost of small business insurance is $57 per month, according to Insureon. That’s for a business owner’s policy (BOP) , which bundles general liability insurance, commercial property insurance and business interruption insurance. It’s generally cheaper to buy a BOP rather than buying each policy separately.
Your small business insurance costs depend on several factors:
The best way to find cheap business insurance is to compare business insurance quotes from several different insurers. You can find business insurance quotes online or by speaking with an independent insurance agent.
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The vast majority of small businesses would suffer financially if they were sued or experienced a devastating loss, such as losing inventory in a fire. For those businesses, commercial insurance is a must.
Without small business insurance, you’d have to pay for the legal costs of lawsuits and find a way to pay for damage to your business property. General liability insurance and commercial property insurance are good places to start. Commercial auto is important if you have cars, trucks or vans that you use for business.
And workers’ compensation insurance is required in most states.
Certain types of accidents are generally excluded from small business insurance policies, including floods and earthquakes. You can typically buy separate policies to cover these types of problems, such as a commercial flood insurance policy.
Small business insurance also excludes coverage for fraudulent and intentional acts that you commit. For example, if you assault a customer, general liability insurance won’t cover your legal costs.
It’s a good idea to get business insurance for your LLC. That’s because business insurance covers your business assets. For example, if someone slips in your store and gets injured, general liability insurance can pay for medical bills as well as legal costs if you get sued because of the accident.
While business insurance is essential for high-risk industries, such as manufacturing and construction, it’s also a good idea if you’re in a lower-risk industry, such as freelancing or bookkeeping. For example, if you get hit with a copyright infringement claim for one of your digital ads, your general liability insurance can cover your legal costs.
A good place to start is with a business owners policy (BOP) . It bundles three essential coverage types: general liability insurance, commercial property insurance and business interruption insurance . Combined, these three policies cover problems like accidental injuries and property damage, reputational harm, damaged or stolen business property, and income replacement if you can’t open your business due to a problem covered by your policy.
But a BOP alone may not cover all your needs. You may need to buy other types of small business insurance to cover the risks that affect your company. For example, if you have a work vehicle, a BOP won’t pay for repairs if you get into a car accident. You’ll need to add commercial auto insurance. It’s a good idea to speak with your insurance agent to make sure your business insurance policy meets the specific demands of your industry.
Yes, remote businesses need business insurance to cover risks such as lawsuits, accidents and stolen business property. For example, if you own business property like computers and office furniture, you’ll need commercial property insurance to cover problems like theft and fire.
Your remote business may need other types of small business insurance. For example, if you visit clients, you’ll need commercial auto insurance. Or if you store sensitive data, such as client’s contact information and credit card numbers, you’ll want to consider cyber liability insurance .
You need a business owners policy (BOP) if you want coverage for problems like lawsuits, lost business income and damage and theft of your business property. Without a BOP, you’ll have to cover these problems out-of-pocket, which could be financially devastating to your small business.
You can add other coverage types to your BOP. For example, if you drive a vehicle for work purposes, add commercial auto insurance .
Get Forbes Advisor’s ratings of the best insurance companies and helpful information on how to find the best travel, auto, home, health, life, pet, and small business coverage for your needs.
As a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking down confusing terms and products to help others make well-informed decisions.
Disaster recovery (dr).
Disaster recovery (DR) is an organization's ability to respond to and recover from an event that negatively affects business operations.
The goal of DR is to reduce downtime, data loss and operational disruptions while maintaining business continuity by restoring critical applications and infrastructure ideally within minutes after an outage. To prepare for this, organizations often perform an in-depth analysis of their systems and IT infrastructure and create a formal document to follow in times of crisis. This document is known as a disaster recovery plan .
The practice of DR revolves around serious events. These events are often thought of in terms of natural disasters, but they can also be caused by systems or technical failures, human errors or intentional attacks. These events are significant enough to disrupt or completely stop critical systems and business operations for a period of time. Types of disasters include the following:
Disasters can inflict damage with varying levels of severity, depending on the scenario. A brief network outage could result in frustrated customers and some loss of business to an e-commerce system. A hurricane or tornado could destroy an entire manufacturing facility, data center or office.
Also, the shift to public, private, hybrid and multi-cloud systems and the rise of remote workforces are making IT infrastructures more complex and potentially risky. An effective disaster recovery plan lets organizations respond promptly to disruptive events, offering the following benefits in return:
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DR initiatives are more attainable by businesses of all sizes today due to widespread cloud adoption and the high availability of virtualization technologies that make backup and replication easier. However, much of the terminology and best practices developed for DR were based on enterprise efforts to re-create large-scale physical data centers. This involved plans to transfer, or failover , workloads from a primary data center to a secondary location or DR site to restore data and operations.
On a practical level, DR and business continuity are often combined into a single corporate initiative and even abbreviated together as BCDR , but they aren't the same thing. While the two disciplines have similar goals relating to an organization's resilience, they differ greatly in scope.
Key points of DR and business continuity include the following:
Organizations should consider several factors while developing a disaster recovery strategy. Common elements of a DR strategy include the following:
Risk analysis, or risk assessment , is an evaluation of all the potential risks the business could face, as well as their outcomes. Risks can vary greatly depending on the industry the organization is in and its geographic location. The assessment should identify potential hazards, determine whom or what these hazards would harm, and use the findings to create procedures that take these risks into account.
A business impact analysis ( BIA ) evaluates the effects of the identified risks on business operations. A BIA can help predict and quantify costs, both financial and nonfinancial. It also examines the effects of different disasters on an organization's safety, finances, marketing, business reputation, legal compliance and quality assurance.
Understanding the difference between risk analysis and BIA and conducting the assessments can also help an organization define its goals when it comes to data protection and the need for backup. Organizations generally quantify these using measurements called recovery point objective ( RPO ) and recovery time objective ( RTO ).
RPO and RTO are both important elements in disaster recovery, but the metrics have different uses. RPO is acted on before a disruptive event takes place to ensure data is backed up, while RTO comes into play after an event occurs.
This encompasses detecting, containing, analyzing and resolving a disruptive event. Incident response includes activating the disaster recovery plan, evaluating the incident's scope and effect, executing the recovery strategy, restoring normal operations and deactivating the plan. To maintain accountability and promote ongoing improvement, it's also essential to record and report incident response actions and results.
The components of a DR strategy can vary depending on the size, industry and particular demands of an organization. Therefore, these plans should be customized to meet the unique requirements of each business.
Once an organization has thoroughly reviewed its risk factors , recovery goals and technology environment, it can write a disaster recovery plan. The DR plan is the formal document that specifies these elements and outlines how the organization will respond when disruption or disaster occurs. The plan details recovery goals including RTO and RPO, as well as the steps the organization will take to minimize the effects of the disaster.
A DR plan should include the following components:
An organization should consider its DR plan a living document. It should schedule regular disaster recovery testing to ensure the plan is accurate and will work when a recovery is required. The plan should also be evaluated against consistent criteria whenever there are changes in the business or IT systems that could affect disaster recovery.
A DR team is entrusted with creating, documenting and carrying out processes and procedures for an organization's data recovery and business continuity in the event of a disaster or failure.
The key steps and considerations for building a disaster recovery team include the following:
An organization uses a DR site to recover and restore its data, technology infrastructure and operations when its primary data center is unavailable. DR sites can be internal, external or cloud-based.
An organization sets up and maintains an internal DR site. Organizations with large information requirements and aggressive RTOs are more likely to use an internal DR site, which is typically a second data center. When building an internal site, the business must consider hardware configuration, supporting equipment, power maintenance, heating and cooling of the site, layout design, location and staff.
An external disaster recovery site is owned and operated by a third-party provider. External sites can be hot, warm or cold.
A cloud-based disaster recovery site is another option, which is also scalable. An organization should consider site proximity, internal and external resources, operational risks, service-level agreements (SLAs) and cost when contracting with cloud providers to host their DR assets or outsourcing additional services .
In addition to choosing the most appropriate DR site, it can be helpful for organizations to consult the tiers of disaster recovery identified by the Share Technical Steering Committee and IBM in the 1980s. The tiers feature a variety of recovery options organizations can use as a blueprint to help determine the best DR approach depending on their business needs.
The recognized disaster recovery tiers include the following:
Another type of DR tiering involves assigning levels of importance to different types of data and applications and treating each tier differently based on the tolerance for data loss. This approach recognizes that some mission-critical functions might not be able to tolerate any data loss or downtime, while others can be offline for longer or have smaller sets of data restored.
In addition to choosing a DR site and considering DR tiers, IT and business leaders must evaluate the best way to put their DR plan into action. This will depend on the IT environment and the technology the business chooses to support its DR strategy.
Types of disaster recovery can vary, based on the IT infrastructure and assets that need protection, as well as the method of backup and recovery the organization decides to use. Depending on the size and scope of the organization, it might have separate DR plans and response and resilience teams specific to different departments.
Major types of DR include the following:
Disaster recovery providers can take many forms, as DR is more than just an IT issue, and business continuity affects the entire organization. DR vendors include those selling backup and recovery software, as well as those offering hosted or managed services. Because disaster recovery is also an element of organizational risk management, some vendors couple it with other aspects of security planning, such as incident response and emergency planning.
Examples of options for DR services and vendors include the following:
Choosing the best option for an organization ultimately depends on top-level business continuity plans and data protection goals, as well as which option best meets those needs and budgetary goals.
Examples of DR software and DRaaS providers include the following:
Emergency communication vendors are also a key part of the disaster recovery process, as they help keep employees informed during a crisis by sending them notifications and communications. Examples of vendors and their systems include AlertMedia, BlackBerry AtHoc, Cisco Emergency Responder, Everbridge Crisis Management and Rave Alert.
Download a free SLA template for use with disaster recovery products and services .
While some organizations might find it challenging to invest in comprehensive disaster recovery planning, none can afford to ignore the concept when planning for long-term growth and sustainability. In addition, if the worst were to happen, organizations that have prioritized DR would experience less downtime and be able to resume normal operations faster.
Businesses often prepare for minor disruptions, but it's easy to overlook larger and more intricate disasters. Examine the top scenarios for IT disasters that disaster recovery teams should test vigorously.
Dig deeper on disaster recovery planning and management.
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Watch CBS News
By Khristopher J. Brooks
Edited By Anne Marie Lee
Updated on: May 29, 2024 / 6:38 PM EDT / CBS News
A quarter of U.S. companies will require its workers to show up at the office more often next year, even though doing so may cause some productive staff members to leave.
That's according to new findings from ResumeBuilder.com which surveyed 756 employers at companies with return-to-office policies in place since 2021. RTO mandates have been one of the most divisive issues in corporate America since the nation emerged from the pandemic, with companies and employees often clashing over policies.
Among companies planning to require an increased number of days in office, 86% cited productivity as the top reason for doing so. That was followed by a desire to improve company culture (71%), employee well-being (57%) and retention (55%).
However, the findings of at least one study on RTO mandates seems to contradict those motives. Research from the Katz Graduate School of Business at the University of Pittsburgh, found that RTO mandates have no impact on companies' financial performance. It also found that RTO policies can cause a "significant decline" in employee satisfaction . That may explain why 80% of companies in Resume Builder's survey said they have lost talent as a result of their RTO policy.
"Unfortunately, I think many business leaders make assumptions about things like productivity, culture, and employee well-being," Julia Toothacre, resume and career strategist at Resume Builder, said the report. "Productivity is a result of clear expectations and good management. Culture is driven by people, not physical spaces, and employee well-being is more about how people are managed, their stress levels, and the amount of flexibility they have."
The survey also found that 45% of companies will not push employees to come into the office more often next year, choosing to leave their current RTO policy as is. Another 21% said employees will be allowed to come in less frequently in 2025.
Still, an overwhelming 93% of business leaders believe employees should be physically present in the office and therefore support RTO mandates. Most employers currently require that employees work in office a certain number of days, with 38% enforcing a minimum of three days per week. Amazon, Apple, and Starbucks are among the companies now requiring workers to come in three days a week.
As work-life balance becomes a higher priority for employees, however, Toothacre says companies can expect more walkouts as a result of RTO mandates.
"People may have moved and aren't willing to move again to keep their position," she said. "It's also possible that there are familial responsibilities that require a flexible schedule or the need to be at home. Some people also like working from home or remotely and don't want to return to an office environment."
ResumeBuilder.com drew its results from a May survey of business owners, human resource managers, supervisors, CEOs, senior managers and other top decision-makers at companies. The respondents were all over age 25, made over $75,000 a year and had an education higher than a high school diploma.
Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
Once you decide to establish a business, a primary consideration is the type of business entity to form. Tax and liability issues, director and ownership concerns, as well as state and federal obligations pertaining to the type of entity should be considered when making your determination. Personal and personnel needs and the needs of your particular type of business should also be considered.
The following is a brief overview of various business structures. The information is intended to provide a basic understanding of the different business structures and is not intended to provide legal advice.
Frequently asked questions.
Before you establish a business in the State of California, you should consult with a private attorney or tax advisor for advice about what type of business entity will meet your business needs, and what your legal obligations will be.
A California corporation generally is a legal entity which exists separately from its owners. While normally limiting the owners from personal liability, taxes are levied on the corporation as well as on the shareholders. The sale of stocks or bonds can generate additional capital and the longevity of the corporation can continue past the death of the owners. Legal Counsel should be consulted regarding the variety of options available.
To form a corporation in California, Articles of Incorporation must be filed with the California Secretary of State’s office. Forms for the most common types of Articles of Incorporation are available on our Forms, Samples and Fees webpage. You may use the form or prepare your own statutorily compliant document.
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A California LLC generally offers liability protection similar to that of a corporation but is taxed differently. Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required. The LLC does not file the operating agreement with the Secretary of State but maintains it at the office where the LLC’s records are kept.
To form an LLC in California, go to bizfileOnline.sos.ca.gov , log in, select Register a Business under the Business Entities Tile, Articles of Organization - CA LLC and follow the prompts to complete and submit.
A California LP may provide limited liability for some partners. There must be at least one general partner that acts as the controlling partner and one limited partner whose liability is normally limited to the amount of control or participation of the limited partner. General partners of an LP have unlimited personal liability for the LP’s debts and obligation.
To form an LP in California, go to bizfileOnline.sos.ca.gov , log in, select Register a Business under the Business Entities Tile, Certificate of Limited Partnership - CA LP and follow the prompts to complete and submit.
A California GP must have two or more persons engaged in a business for profit. Except as otherwise provided by law, all partners are liable jointly and severally for all obligations of the partnership unless agreed by the claimant. Profits are taxed as personal income for the partners.
To register a GP at the state level, a Statement of Partnership Authority (Form GP–1) must be filed with the California Secretary of State’s office. Note: Registering a GP at the state level is optional.
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An LLP is a partnership that engages in the practice of public accountancy, the practice of law, the practice of architecture, the practice of engineering or the practice of land surveying, or provides services or facilities to a California registered LLP that practices public accountancy or law, or to a foreign LLP. An LLP is required to maintain certain levels of insurance as required by law.
To register an LLP in California, an Application to Register a Limited Liability Partnership (Form LLP–1) must be filed with the California Secretary of State’s office.
A sole proprietorship is set up to allow an individual to own and operate a business. A sole proprietor has total control, receives all profits from and is responsible for taxes and liabilities of the business. If a sole proprietorship is formed with a name other than the individual’s name (example: John Smiths Fishing Shop), a Fictitious Business Name Statement must be filed with the county where the principal place of business is located.
No formation documents are filed with the California Secretary of State’s office. Other state filings may be required depending on the type of business.
Please see our Frequently Asked Questions webpage for answers to the most frequently asked business entity questions.
Donald Trump says his trade policy would be a way to protect the US from exploitation.
Yet, by applying a base tariff on virtually all foreign goods, he's starting a "war against trade itself," Alan Wm. Wolff wrote for the Peterson Institute for International Economics.
The Republican candidate has made tariffs a cornerstone of his prospective trade policy, proposing a universal 10% duty on all imports heading into the US. As for Chinese goods, Trump has touted tariffs as high as 60%.
Still, before the US embraces this level of protectionism, it might be better to dust off some history, the left-leaning think tank said — blanket tariffs aren't an entirely untested phenomenon.
Something similar to this last happened at the onset of the Great Depression , when struggling US farmers asked that foreign imports be taxed.
That spawned the 1930 Tariff Act , but the legislation was far more ambitious than first conceived. Aside from just agriculture, a wide swath of industries notched new protections, and import tariffs rose an average 47%.
World economies fired back almost immediately. Even before the bill went into effect, about a dozen countries retaliated with their own restrictions. Great Britain followed a year on, imposing tariffs of up to 50%, Wolff said.
Related stories
"Economists agree that high tariffs broadened and deepened the Great Depression, when US unemployment reached 25 percent and we nearly lost our democracy," the distinguished visiting fellow wrote.
Today, the US tariff averages 3%, a safe distance away from the extremes nearly a century ago. But if Trump wins back the presidency, his experiments with blanket protectionism could change this.
On its own, that might not mean much to consumers, who are likely growing desensitized high tariff talk and warnings about trade standoffs, he added, but if tariffs do jump sharply, there will be real consequences for the public.
According to separate research from the Peterson Institute, Trump's proposed taxes could cost consumers 2% of US GDP , totalling $500 billion a year. By another estimate, households would pay an extra $1,500 per year from these tariffs .
And other academics, such as Harvard economist Kenneth Rogoff, have warned of inflationary implications .
Meanwhile, trade war warnings aren't limited to just Wolff. However, other experts have noted that such conflicts could be in store, irrelevant of who is president .
That at least seems likely between the US and China, after the country's advanced manufacturing was significantly sped up. Although higher production was meant to help stimulate China's economy, Beijing is now sitting with a glut of products it needed to unload.
"They need to get that export engine up," China Beige Book CEO Leland Miller said in March . "That's going to cause a lot of problems globally, politically. That's why I think we're going to be entering into a trade war next year."
In fact, the US appears to already be responding, after President Biden announced a spree of tariffs on China's tech exports earlier this month.
But while Biden's fresh restrictions may seem high, Waller noted that they're still not comparable to Trump's proposal.
For instance, the new 50% tariffs on Chinese semiconductors may seem extreme, but they target a trade that's just below $1 billion a year, he said. Compared to that, the US imports six times that amount each month.
"Unlike the Biden tariffs, the Trump plan is for increased tariffs on all products from all countries. It is not just America First; it is America Alone," Wolff wrote.
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12) Technology Risk. Security attacks, power outrage, discontinued hardware, and software, among other technology issues, are the events that form part of the technology risk. These issues can lead to a loss of money, time and data, which has many connections with the previously mentioned risks.
Here are several types of business risks to look for as you evaluate a company's standing: 1. Compliance risk. A compliance risk is a risk to a company's reputation or finances that's due to a company's violation of external laws and regulations or internal standards. A compliance risk can result in a company paying punitive fines or losing ...
Despite variations in how risks are categorized by different experts in the field, the following are 13 well-established and emerging types of business risks that business executives and risk management teams need to understand. 1. Strategic risk. Strategic risk relates to issues that could affect a company's ability to execute against its ...
The business plan risk analysis section is a strategic tool used in business planning to identify and assess potential threats that could negatively impact the organisation's operations or assets. ... Types of Business Risks. There are various types of risks that a business may face, which can be categorised into some broader groups:
Cyber risk is a form of business risk. More specifically, it's the potential for business losses of all kinds in the digital domain—financial, reputational, operational, productivity related, and regulatory related. While cyber risk originates from threats in the digital realm, it can also cause losses in the physical world, such as damage ...
A rules-based approach is effective for managing preventable risks, whereas strategy risks require a fundamentally different approach based on open and explicit risk discussions. To anticipate and ...
To manage building risk, and the risk to employees, it is important that organizations do the following: Make sure all employees know the exact street address of the building to give to a 911 ...
Therefore, many risk management activities focus on risk avoidance, risk mitigation, or risk prevention. What Different Types of Risks Are There? ... Strategic risks are those risks that could have a potential impact on a company's strategic objectives, business plan, and/or strategy. Adjustments to business objectives and strategy have a ...
Business risk is the possibility a company will have lower than anticipated profits or experience a loss rather than taking a profit. Business risk is influenced by numerous factors, including ...
Here's an example: Assume your business is seeking equity funding, but has a key management role that needs to be filled. This could be a key business risk for a funder. Highlighting this risk shows that you are aware of the appointment need, and are putting plans in place to help with this key recruit.
Outsource. 24. Loss of key skills. Use employee incentive or bonus schemes. Check pay reflects industry (going rate) Identify top performers and reward/offer incentives to stay. Remove hygiene factors e.g. poor parking, lack of flexible working. 25. Loss of political support.
Step 1: Develop a solid risk culture. An essential component of any successful risk management plan is the establishment of strong risk culture. Risk culture is commonly known as the shared values, beliefs, and attitudes toward the handling of risks throughout the organization. It is the responsibility of senior management and the board of ...
Trends and Insights. Planning for Growth. Operations. Risk Assessment. There are several types of business risks that can threaten a company's ability to achieve its goals. Learn some of the most common risks for businesses and ideas for how to manage them.
Risk management helps you make better business decisions. It involves reducing the things that could have a negative effect on your business. For example, the reducing the risk of injury by through safety procedures. You can also look for opportunities that could have a positive impact on your business.
A business risk assessment matrix, sometimes called a probability and impact matrix, is a tool you can use to assess and prioritize different types of risks based on their likelihood (probability) and potential damage (impact). Here's a step-by-step process to create one: Step 1: Begin by listing out your risks.
Here are five types of business risk that every company should address as part of their strategy and planning process. 1. Security and fraud risk. The types of risks like Data breaches, cyberattacks, identity theft, embezzlement, money laundering, criminal record, and intellectual property theft.
These risks often involve: Corruption. Discrimination or harassment in your workplace. Workplace health and safety violations. Environmental regulations. Data storage issues. So, if your small business is polluting a local river and is not operating in accordance with the environmental regulations in your state, your business may have to pay a ...
4 Reasons Why Risk Management Is Important. 1. Protects Organization's Reputation. In many cases, effective risk management proactively protects your organization from incidents that can affect its reputation. "Franchise risk is a concern for all businesses," Simons says in Strategy Execution. "However, it's especially pressing for ...
Disrupt your business. Create new responsibilities. Demand new technologies (and therefore linking back to change risk) Distract your business leaders from their operations as their time is abstracted to put in place new governance processes and control measures. Reputational risk.
Or call 1-844-240-1195. Risk management newsletter: Receive timely and relevant resources. Sign up for our email. Managing the risks facing your small business helps increase the probability you'll achieve long-term growth and success. Learning and applying the steps in the risk management process can help prepare your business for whatever ...
2 Types Of Risk Management Plans. In this section, we'll cover 2 common types of risk management plans—a RAID log and a risk matrix. #1: Simpler Version—Lightweight RAID Log. In its most minimal form, a risk management plan could be a handful of pages describing: how and when to assess risk; the roles and responsibilities for risk owners
Risk analysis is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector. Risk analysis is the study of the underlying ...
4- Financial Risk. This business risk may involve credit extended to customers or your company's debt load. Interest rate fluctuations can also be a threat. Adjusting your business plan will help you avoid harming cash flow or creating an unexpected loss. Keep debt to a minimum and create a plan to start lowering that debt load as soon as ...
Marketing plan: A strategic outline of how you plan to market and promote your business before, during, and after your company launches into the market. Logistics and operations plan: An explanation of the systems, processes, and tools that are needed to run your business in the background. Financial plan: A map of your short-term (and even ...
Risk around using gen AI can be classified based on two factors: intent and usage. Accidental misapplication of gen AI is different from deliberate malpractices (intent). Similarly, using gen AI ...
Small businesses face various risks and need reliable insurance to protect them. Forbes Advisor has evaluated the best small business insurance companies based on official complaint records ...
backup and recovery testing: A backup and recovery test is the process of assessing the effectiveness of an organization's software and methods of replicating data for security and its ability to reliably retrieve that data should the need arise.
Some companies plan to increase return-to-office requirements, despite risk of losing talent. ... I think many business leaders make assumptions about things like productivity, culture, and ...
Starting a Business - Entity Types. Once you decide to establish a business, a primary consideration is the type of business entity to form. Tax and liability issues, director and ownership concerns, as well as state and federal obligations pertaining to the type of entity should be considered when making your determination.
Scott Olson/Getty Images. Trump's plans for a universal tariff on all US imports could set off a global trade war, a Peterson Institute fellow said. Such a conflict erupted the last time the US ...