This lesson will explore how risk can affect businesses, alongside how insurance can be used to support businesses with mitigating risks. Students will discover an array of different types of risk that could affect businesses and feel confident at identifying internal and external risks. They will look at how making a plan reduces the impact of risks on business and therefore helps to mitigate risks. Common risk mitigation strategies will be introduced and explored in a range of situations. These strategies will be applied to an example business where students are provided with a risk matrix to support them in practicing to complete a risk assessment.
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