Risk management is intended to minimize financial and other losses potentially associated with risks to your assets, business, or health.
Some examples of risk are personal and professional liability, business ownership, property loss, and catastrophic illness or disability. Your first line of defense is to identify your sources of risk and avoid or minimize the major exposures. Your last line of defense is insurance.
Asset Protection Planning
Asset protection planning manages risks to your wealth. Lawsuits, accidents, property damage, and other financial risks are facts of everyday life and asset protection planning looks to transfer the risk of these events through:
- Repositioning asset ownership
- Other protections available under the law
Risk for Business Owners
Starting and running a business carries its own set of risk exposures. Business risk management identifies your options for handling these risks and can have a huge impact on the safety of your personal and business assets. This process includes:
- The type of business entity you choose
- The state you choose to do business in
- How you manage your business
- Your human resources
- Your taxes
Genetics and lifestyle also affect your risk profile. Lifestyle choices like eating well, exercising, not smoking, driving safely, and wearing a seatbelt can help reduce insurance premiums.
Although you have no control over your genetics, you do have control over how you live your life. We can steer you toward choices that can not only improve your general health and wellness, but that may also have a direct impact on your health care costs.