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Volume 32, Issue 3

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Wednesday, 19 October 2016 00:00

Why Personal Risk Management is Critical to Executives, Companies

Written by  LISA LINDSAY

Business executives understand the risks associated with running a company and take the time to develop and implement a comprehensive risk management strategy. This strategy covers the protection of physical assets, loss of income, personnel, cyber, professional liability exposures, and others depending on the business. While most successful executives are diligent about this process, they do not take the time to develop and implement a comprehensive personal risk management strategy. Risk managers who work with private clients would attribute this lack of attention to the general lack of awareness. The reason: liability risks that elude most Americans confront the affluent population. Business executives have more unusual and sometimes unique personal risk exposures such as high-value properties in catastrophe prone areas; valuables and collections; employees such as nannies and caretakers; and not-for-profit board participation. Costly Consequences When a personal risk management program is not in place, the consequences can lead to devastating losses. For example, a