Protecting Your Small Business Investment
When Hurricane Katrina landed in Louisiana on August 29, 2005, many small businesses were wiped out. Most of these small businesses could not recover or restart because they did not have adequate business insurance coverage. Besides the lack of business insurance risk, there are other risks associated with small businesses at different stages that small business owners must consider in order to protect their investments.
- Identify and explain three types of risks that small business owners must consider to protect their ventures and explain why having a risk management plan is important to manage risk proactively.
- Explain why the risks you identified are important and the implications if the risks are not managed or if there is no plan to do so.
- Provide your recommendation on how to manage the types of risks that you have identified.
General Guidance: 2-3 paragraphs in length as a general expectation/estimate.
Please use references and citation