Karen Rands’ Compassionate Capitalist Show returns to explore how entrepreneurs and investors can increase their odds of success in building small businesses and growing them through risk management. Tom Mackey of Epic Brokers will join Karen to explore this topic. If you ever thought insurance was predictable or boring, think again. This is not your same old discussion on insurance. You’ll be amazed how the big businesses save big bucks on operations, contract management, and of course insurance….that all are available to early stage companies to help them ‘insure’ their success and investors to reap the benefits of those decisions.
Investors and entrepreneurs have heard of Key Man Insurance and Errors & Omissions insurance. This discussion goes much deeper. Did you know there is risk can have an upside as well as the commonly perceived down side. Really risk is just uncertainty. How about mitigating the uncertainty of a new product launch? That risk mitigation comes early in the process. Managing liability in a situation will usually be an insurance policy, but that can be from cyber attack risk to defending against a class action lawsuit. For financial planning purpose, should budget 2% of earnings for risk management.
Early stage private equity investing as an angel investor can be risky. Launching a company can be risky. Learn to manage that risk. Tune In.
Tom Mackey is a risk management consultant, specializing in professional and management liability. He works for EPIC in Atlanta, GA and consults with mid-market companies to build and manage enterprise risk management programs to measure, monitor, and control the levels of risk that clients’ companies retain and transfer. Thompson is an avid world traveler and has been to more than 30 countries (and counting). Learn more at his blog: www.thompsonmackey.com
Listen to the 30 minute segment Podcast for Mitigating Risk in Business
Connect with Karen at Twitter @karen_rands and http://kugarand.com