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Survival of small businesses largely depends on their risk management approach.  For a business, exposure to risk could lead to disaster.  Effective risk management (planning) identifies risks before they occur. Properly conducted risk surveys offer a valuable and independent review of the risk and provide unbiased information about it. It can include information about:  Construction of the building  Exposures – both internal exposures, neighbouring businesses and surrounding features (possibility of flood, storm, burglary, malicious damage or vandalism).  Housekeeping - maintenance and management of the business, which can give a guide to the moral risk of the insured  Manufacturing processes - any dangerous goods or hazardous processes  A review of the electrical, maintenance and security systems.  Your insurance should be as unique as your business. If you change your business or its operations you may be altering your risk exposure  Work-away cover Depending on the claims against you, your policy can help defend you from legal action against the operations of your business.  Broadform liability  Product Liability  Employer Liability  Public Liability Smaller organisations are vulnerable to cyber incidents as they do not have the precautionary measures of large organisations in place. If your business stores or uses large amounts of customer information for example, you need cyber insurance coverage. Fraud insurance protects your organisation against internal, external and cyber fraud and their consequences. Reasons businesses go under (give restaurant example/ case study)  Do proper research and spend time analysing a potential business’s financial statement. The benefits of risk management for your business  It Improves your decision-making, planning and prioritising skills  It results in the best allocation of the resources and the capital available in your business  It significantly improves the probability of the delivery.