How do I manage risks?
When you understand what scenarios could happen and how they can impact your ability to earn an income you can start to analyse what can be done to manage them.
Some risks might be acceptable and you may have an easy, cost effective solution that can come into play to protect you and ensure you continue to deliver what you have promised.
Other issues that can arise will result in catastrophic losses and these will need to be a high priority.
Using the example scenarios in the ‘How do I identify risks?’ section, here are some ways to manage or treat risks:
| Risk | Treatment |
| You injure your back lifting a client. | Undertake safe lifting technique training. Consider obtaining personal Income Protection Insurance. |
| Your client choses another provider without notice. | Ensure you build a good rapport with your clients so they will let you know if they are thinking about a change. |
| Your client alleges they have sustained an injury and you are at fault. | Have procedures and policies in place. Keep up to date with training. Consider taking out some Liability insurance. |
| You are involved in a motor accident with a client in the car. | Consider taking comprehensive Motor, CTP and Public Liability insurance. |
| Your client reacts badly to medication that you administer. | Ensure you have a process and procedure for checking the medication matches the prescription and is in date. Take out Liability insurance. |
| Your laptop is hacked and client’s personal and sensitive records are stolen. | Undertake training to prevent a cyber attack. Consider taking Cyber Liability & Privacy Protection insurance. |
