Personal risk management more important now than ever | Finance > Insurance & Risk Management from AllBusiness.com
Facebook Twitter Google+ You Tube RSS Feed

Personal risk management more important now than ever

If we expect the best but prepare for the worst, we will be in a much better position to deal with disaster if, and when, it strikes.

 Nancy Germond
By:  | AllBusiness.com | 
Filed In: Murder and Homicide
More

Last night my cousin, one of the owners of a chain of grocery stores, was murdered in his home. Last week one of my acquaintances thwarted a robbery attempt by a shotgun-wielding teenager. Look no further than the front-page headlines or on television, where the story of a serial murderer, Dexter, touted as “America’s favorite serial killer,” has transitioned from cable television to a CBS network hit, to observe how accustomed we have become to the violence and the risk surrounding us.

Personal risk management has never been more important at any time in our nation’s recent history, it seems to me. As we face an economic downturn and increased vulnerability of our personal information, crime may escalate. According to Jack Hungelmann, author of Insurance for Dummies, personal risk management (PRM) applies risk management principles to consumers. PRM identifies, measures, and treats all personal risk, followed by the formulation of a treatment plan and a way to monitor changes. Simply put, it means that we meet periodically with our trusted advisers to make sure our affairs are in order.

Many people depend on us. Our families, our coworkers, our friends, even our pets—all have a vested interest in our safety. Bad things happen, but we can employ various risk management techniques to ensure that if tragedy strikes, we are as prepared as we can be. So what can we do to be safer, both physically and financially?

I could never cover in one column all the ways we need to ensure that we take care of ourselves and our loved ones before a disaster or accident strikes, so below I’ve offered a few of the many sites available for more PRM information.

Start here. For a quiz regarding your personal risk exposures and a primer on risk techniques, click here.

Chubb Insurance Company has a link on its great website that will allow you to help protect your personal property from elements like fire and burglary. Click here for that link.

To help prepare you and your family for natural disasters or acts of terrorism, the Red Cross has a site that can guide you. Click this link for more information.

Do one more thing. Schedule an appointment with your insurance agent to ensure that you have the coverage you need for you and your family. There is never enough time in a day to complete the things we need to do in our personal and professional lives. Let me urge you, however, to take a few hours out of your busy schedule to prepare for adverse events. Do it for yourself, but most of all, do it for the ones you love, because bad things do happen to good people.

If we expect the best but prepare for the worst, we will be in a much better position to deal with disaster if, and when, it strikes.

Newsletter

Weekly Roundup

Sign up for our weekly Experts roundup, delivered to your inbox each Saturday morning.

Most Recent From our Experts

AllBusiness Experts
;
Close

Real Business Owners, Real Business Advice!

Sign up for practical, real-world solutions from successful business owners delivered to your inbox each Saturday morning. FREE.