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Managing Your Risk Manage/Implement Once you've identified the risk, there are three ways to manage it. Accept the risk — Set money aside to pay for a loss. Transfer the risk — Purchase an insurance policy. Reduce the risk — Do a combination of accepting and transferring the risk. Review your insurance coverage annually to make sure that you are properly insured and to check the rates you're paying: Maintain reasonable costs Protect against catastrophic loss, NOT every loss. The major areas of concern are: Automobile insurance Homeowners insurance Liability insurance Disability insurance Long-term care insurance Life insurance Health insurance is obviously a very important policy. However, your coverage is usually determined by your employer and its group benefits. Check with your employer for a description of your benefits. First, let's discuss automobile insurance. < PREVIOUS NEXT> #38599