Assessing business risk is the most efficient way to deal with insurance issues
The assessment of business risks is based on the definition of a rigorous and double analysis process
Risk Management studies both the “extra-company context”, i.e., the sectors in which the company is located as well as all the external factors that may influence its activity, and the “intra-company context”, i.e., the procedures that the company adopts to carry out its core business and the factors that intrinsically influence its implementation.
The extra-firm context is assessed both through detailed industry surveys, which allow for the development of industry vulnerability tables, and through the development of a firm positioning model that places the firm in relation to its regulatory, legal, and cultural needs. The intra-firm context is assessed by specifically analyzing the company’s structure, governance, job distribution, skills and resource awareness, and resistance/readiness for change.
Following this reasoning, the entrepreneur assesses the risk that the company can bear, organizing its activities in a more conscious way and optimizing the cost/benefit ratio based on an “ad hoc” financial strategy.
In most cases, the entrepreneur will see a reduction in costs and operating times, the efficient use of resources, a reduction in the probability of incurring major damages and consequent savings in insurance premiums.
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