Long-Term Risk Assessment: Self-Insuring vs. Purchasing Shipping Insurance

Effective risk management necessitates a thorough evaluation of long-term risks and planning. Businesses should assess their risk tolerance, historical loss data, and future growth projections when deciding between self-insuring and purchasing shipping insurance. A comprehensive risk assessment ensures that businesses are prepared to effectively address and mitigate risks over the long term, aligning their risk management strategy with their overall business objectives.