All large corporations and national businesses have someone in charge of risk management, if not a whole department.
But hiring a risk specialist or dedicating a number of employees to that kind of work is typically too expensive for most small and mid-sized companies. So, this risk mitigation typically is left to the business owner or the duties are spread among senior managers.
One way that you can reduce the risk to your finances is to purchase appropriate insurance coverage, which can sometimes be costly. However, if you focus on managing your company’s risks, you can do more than solely reducing the risk of accidents (and having to file claims).
Insurance companies like policyholders that try to manage their risks, and they reward them by reducing their premiums. Think Like a Risk Manager to Reduce Your Insurance Costs