By Peter Strauss

Life is filled with risk. Every day, you take risks in your business. Some of these risks are calculated—after all, you must take on some risk in order to make a profit in your business. Other risks may not be so well known to you or may not usually be at the forefront of your mind. For example, you may carry insurance on the truck used to make deliveries in your business, but you may not think to—or can’t afford to—carry similar insurance on the computer used to track your deliveries or inventory.  You live with the risk.

Smart business owners engage in this type of self-insurance almost every day in their businesses, unable to obtain certain forms of coverage because they are too expensive or unavailable on the commercial market.