Part of every business plan is creating a risk management plan. You probably took this step in the forming of your own company and developed a response for each risk. While that is adequate in the beginning, and often the only avenue many small business owners have, consider bringing other people onto your assessment team when it is time to update the plan.

Group insurance is one of the most common ways businesses, and associations provide insurance benefits for their members. There's a good reason for this. Insurance is one of the best benefits you can offer to your employees. A well-constructed benefits plan helps build employee loyalty, engagement and is a great tool to recruit and retain your best employees.

The business insurance needed for a corporation isn't much different than you need for a small business, but it is more comprehensive because corporations incur a different level of risk. Incorporating a business means you will be developing a board of officers and each of them is going to have to be insured for different types of liability as well as collectively for their actions as a board.

Your Human Resources team can be an integral part of keeping your insurance premiums low. They can do this in three ways by hiring the right people, implementing comprehensive training programs, and monitoring safety and injuries and responding promptly with corrective action if necessary.