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Chapter 11. Describing Your Business Ris... > Describing Your Risk Management Stra...

Describing Your Risk Management Strategy

When you write your Risks section, you need to do more than just identify and discuss the risks and threats to your new company. You must convey to the reader how you confront and minimize them.

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When you think about insurance, the normal types of insurance, such as fire, theft, and flood, come to mind. But a business needs to consider another type of insurance—key man insurance. This type of insurance is for those people in your business who are critical to its operations. If they die or are disabled, the company is reimbursed for the loss of that critical person. The money paid is used to recruit and compensate another person to replace the one who is disabled or passed away.



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