When we talk about risk protection planning and management we are referring to operational risk. This type of risk is any risk that a company is possibly facing when dealing with the day to day operations of their business. There are literally hundreds of different factors for dozens of company types that should be addressed. Once a company s risks are assessed it becomes obvious why they need operational risk protection planning.
Every company needs a risk protection plan because all companies have risk.
In the event of a problem it isn t a good idea for the company not to know what to do. Also it s a better business practice to plan ahead for possible challenges. Since it s so simple and obvious, it is, more often than not, overlooked. If it isn t already obvious why risk protection planning and management are a necessity, here are two excellent reasons. The one that s the most immediate, significant and real to many people is the immediate savings on liability insurance premiums.