11 Most Common Risk Management Mistakes Made by Small Business Owners


My name is Ryan Hanley, I’m director of marketing
and licensed agent here at the murray group and it’s both my role here, as well as my
passion to help business owners like you receive the maximum benefit from your insurance. But today we’re not talking about insurance…
this is the 5th and final video in a series we’ve done on Small Business Risk Management
and today’s topic is the 11 most common risk management mistakes by small business owners.
Avoiding these mistakes means less aggravation, less workplace downtown and more money in
your business’s checking account. #1 – insufficient attention to loss control
– so not taking risk management seriously… #2 – letting apathy or politics drive your
risk management decisions – again I would say this results from not putting enough importance
on risk management to make a proper decision. #3 – risk management “blind spots” – this
results from not looking at the enterprise as a whole, believing some areas will not
be impacted by accidents. #4 – inadequate preparation for loss – not
actually acting on your risk management decisions #5 – Avoiding risk instead of managing it
– as I’ve said in previous videos of this series, risk is VERY important to the growth
of a business… avoiding risk completely can do more harm than good. #6 – Failure to communicate risks to staff
– so basically just a failure to communicate business risks organization wide #7 – Failure to develop computer skills – computers
are a way of life in today’s business world, not knowing how to use a computer is NEGATIVELY
impacting your business in many ways… PERIOD. No discussion. #8 – Inadequate people skills – Proper risk
management takes teamwork. We have to be able to work well with others to prevent and/or
reduce risk. #9 – Superperson syndrome – see #8, risk management
takes a team, you can’t do everything yourself. #10 – Failure to document – this stuff needs
to be in writing. #11 – Lack of creativity – sometimes you have
to think outside the box to find solutions to risk management problems. Best practices
are great but your business is unique and will have it’s own unique solutions That’s it, 11 common risk management mistakes
for small business owners… now that you know what they are, don’t let them happen
to you. At The Murray Group, we see our job as not
only providing insurance products to help you recover after a loss, but also to provide
risk management guidance to reduce the chance of an accident ever happening. If you think our agency would make a good
partner for your business and you’d like to begin the process of receiving a proposal
for your business insurance program, please give us a call at 518-456-6688 or email us
at [email protected] If you’d like to learn a little bit more about
The Murray Group first, please click this link here or the link below this video to
subscribe to our Risky Business Newsletter. We’ll help you find, peace of mind.

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