How do you rate yourself, or somebody else, for risk management? Do you base it on low numbers of accidents or security incidents? When you go through a year of low loss and fewer accidents, how do you know the cause?

It's one of the worst pieces of news you ever want to hear; an employee is alleging sexual harassment at your workplace. Sexual harassment claims are a severe blow to any company.

Risk management begins with a solid plan covering those areas where you are most likely to face problems. One area many employers are finding themselves stuck in is how to deal with the new California marijuana laws.

We've discussed the importance of having a risk management team as part of your company's management. However, risk management 'teams' sound resource dependent and costly and they can be. What if you're a small business, a one-person shop, or you have to make a fast decision about a strategic move? You might feel as if you are a ship adrift on the sea of uncertainty.

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.

Risk management is an ongoing process. There is no 'end' to being prepared to deal with incidents that could be detrimental to your company. Once you have your risk management plan in place, the question arises about when you should review and adjust it.

At some point in your business lifecycle, you will have to create a risk management plan. You may already have a risk management plan, but the need for a robust plan grows as your company grows.

Risk management isn't about eliminating risk all together. Even if you wanted to, it’s just not possible. The goal is to mitigate risk to acceptable levels that allow your business to function successfully without opening yourself up to unnecessary costs and liability.

Risk management isn't a pleasant topic. It's not comfortable to talk about the things that can go wrong, and it's even more uncomfortable to discuss the unforeseen risks every company faces.

However, every business has to determine an acceptable level of risk. You realize that even with tight operational control, excellent management, and motivated employees, your company is still exposed to risks in every aspect of your operation.

Here’s a shopping tip that may seem counter-intuitive; sometimes engaging multiple brokers at one time isn’t the most effective way to save money. Less is definitely more when it comes to obtaining accurate quotes for commercial insurance.