Risk Management
Risk management is intended to manage financial and other losses potentially associated with risks to your assets, business, or health. Some examples of risk are the personal and professional liability, business ownership, property loss and catastrophic illness…
Your first line of defense is to identify your sources of risk and then to either avoid or minimize the major exposures. Your last line of defense is insurance.
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:
Insurance
Repositioning asset ownership
Other protections available under the law
Starting and running a business carries its own set of risk exposures. Certain factors can have a huge impact on how safe your personal and business assets are from risk. These include:
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