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Helping business owners deal with risk

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Small business owners often feel they're too busy dealing with the operations of their company to take the time to assess and address risks, but a Phoenix law firm recently composed a list of basic ways that entrepreneurs can protect themselves and their enterprise.

The lawyers suggested limiting liability by purchasing business insurance coverage for certain risks, with common policies being general liability, automobile liability, property/casualty, workers compensation, employment practices and errors and omissions insurance.

Another way to avoid risk is to pay bills and taxes in a timely manner, according to the lawyers. Doing so will allow a business owner to continue to have a strong relationship with banks and creditors.

Business owners should also be sure to get everything in writing, said the Phoenix firm. Depending on handshake agreements and verbal contracts can give a business owner little to no leverage if an agreement results in a lawsuit.

While a business owner can rely on insurance to help limit potential risks, Gordon Coyle, an insurance expert, recently wrote an InsuranceNewsNet article sharing steps business owners can take to identify and address risks. Among these steps, Coyle said it is important to think about all the potential consequences of an identified risk.

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