Business Risk management is a subset of risk management used to evaluate the business risks involved if any changes occur in the business operations, systems and process. It identifies, prioritizes and addresses the risk to minimize penalties from unexpected incidents, by keeping them on track.
The basic methods for risk management—avoidance, retention, sharing, transferring, and loss prevention and reduction—can apply to all facets of an individual's life and can pay off in the long run.
If you as employer evaluate your business risk, this will help you to manage your company, and one of the business risk which you may face is losing one of your top producer employee because he’s not satisfied.
Insurance will not reduce your business' risks but you can use it as a financial tool to protect against losses associated with some risks. This means that in the event of a loss you will have some financial compensation.
Group life assurance is provided by employers as part of a benefits package and pays out a lump sum to an employee's family should the employee die.