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 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:
- repositioning asset ownership, and
- 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, and
- your taxes
Business risk management identifies
your options for handling these risks.
Both genetics and lifestyle affect your risk profile. Being
overweight, eating poorly, failing to exercise, smoking, driving
unsafely, and not wearing a seatbelt will increase your insurance
premiums. On the other hand, making healthier lifestyle decisions
can help to reduce your insurance premiums.
While you have no control over your genetics, you do
have control over how you live your life. Educate
yourself on how making healthy choices can
not only improve your general health and wellness, but
can also have a direct impact on your health care costs.
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