The goal of managing risk is to understand the potential financial and other losses associated with risks to your assets, business and health.  Potential risks that you face include personal and professional liability, business ownership, property loss and catastrophic illness or disability.  

The first defense with these risks is to avoid or minimize the risk. The last line of defense is to pay another party to take the risk for you – also known as insurance.

Lawsuits, accidents, property damage and other financial risks are facts of everyday life.  Asset protection planning looks to transfer the risk of these events through insurance, repositioning asset ownership and other protections available under the law.

Running a business carries its own set of risks.  What entity type you choose has a significant impact on how safe your personal and business assets are.  Additional sources of risk in business include how you manage your business, human resources, taxes, and many other risks.  Good planning identifies these risks and options for handling them.

You have risks associated with your genetics and lifestyle.  Being overweight, eating poorly, failing to exercise, smoking, driving unsafely, not wearing a seatbelt, and drinking to excess expose you to higher insurance premium costs.  Handling these issues well may improve your insurance rates.

While you cannot control your genetics, you have control over your life.  Educate yourself on how making healthy choices can have a direct impact on your health care costs.