By Rachel Phillips
The nature of business often requires some level of risk taking, but not all risks a business owner faces are under their control.
For example, an employee may be injured in an accident, or a security breach could result in data loss or theft. While no one can completely avoid all potential risks, partnering with a qualified insurance or risk management provider can identify where they might be vulnerable and create a plan to manage and mitigate damages.
Thomas Flynn, co-founder, president and CEO of Jaeger & Flynn, with offices in Saratoga Springs, Clifton Park and Glens Falls, said all risk management processes follow five basic steps: Identify the risk, analyze the risk, evaluate or “rank” the risk, treatment, and monitoring the risks regularly to assess whether they’ve changed.