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
- 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 wise choices can not only improve your general health and wellness, but can also have a direct impact on your financial resources.