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Risk management tools. Once exposures are identified, all potential hazards that might trigger a loss must be sought and addressed. Gathering correct information up front can help alleviate errors later. (Photo: Shutterstock)

Last month we discussed hazards that lead to loss or damage, the most expensive being litigation or “bad faith.” Hazards affect everyone and those exposures include death, injury, illness, unemployment and family. While these cannot always be eliminated, they can be modified by regular check-ups. Think of all the other potential hazards: your home, office premises, their contents, automobiles, the computers and electronics. Each is an individual exposure and requires attention.

Once exposures are identified, all potential hazards that might trigger a loss must be sought and addressed. While I might not have a swimming pool and have to worry about someone drowning, I do have computers, and they are at risk from cyberattacks. How can I reduce that hazard? Most of us utilize various anti-virus or firewall programs — expensive, but necessary — or we could eliminate the hazard and communicate in some other way, but that is virtually impossible in the 21st century.

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