I've completed another The Institutes Knowledge Group class—CEU E04: Introduction to Risk Management! ?
Throughout this course, I learned a lot about risk management, from negligence and its defenses to post- and pre-loss objectives and the differences between real and personal property. This course has provided me with a solid foundation for understanding the concept of risk management.
A few facts that stood out to me include:
?? You can actually offer a contractor a bonus to speed up repairs after a disaster, turning an expense into an investment in business continuity and possibly reducing the recovery, or indemnity, period.
?? The "Prudent Person Test" is used in legal settings to determine negligence by assessing whether a reasonable person in the same situation would have acted differently to avoid harm.
?? Natural, human, and economic perils cover a diverse range of risks, but economic perils are unique in that they can be influenced by human decisions and natural events, creating a complex interplay between all three categories.
#RiskManagement #Insurance #ProfessionalDevelopment
