Business risk management with attorney Angela Schrimp
Business risk management with attorney Angela Schrimp is my conversation with her today. Angela’s area of law she enjoys practicing is in the field of business be it a contract dispute, employer/employee issue or related area of law. Angela is part of a practice with a long name and it’s called Damrell, Nelson, Schrimp, Pallios, Pacher & Silva.
As a guest on my radio show on 105.5FM and Money 2.0 on July 31, 2013, Angela and I had a conversation about how the owner of a business can manage business risks. At its simplest level, Angela identified that a business owner or those thinking of becoming a business owner need to manage two different types of risks.
The first is insurable risks and is the easier of the two to manage as there are insurance products available a business owner can buy to offset those risks. The different types of insurance include Workers Compensation Insurance, Business Insurance which covers a range of problems such as an accident in the business by either an employee or customer and theft.
Other risks Angela identified is a business risk and will generally expose the business owner if and when they sign a business contract, for example, signing a lease and buying products or services from a vendor. Other business risks including hiring employees as well as Federal, State and local tax obligations.
If you would like to hear my conversation with Angela, please click the following link Angela Schrimp. Angela was the first guest for the show and my conversation with her starts about 4 minutes and 30 seconds into the show.