What are the risks facing your business?

"Risky Business" isn't just the name of a 1980s film starring Tom Cruise - it's also something entrepreneurs face on a daily basis.

No matter what kind of company you run, there are a number of risks you will need to identify, assess and control in order to keep your head above water.

One of the best ways to manage these is by organising a business insurance policy.

However, to know exactly what type of cover you need, it's important to understand the common risks that all entrepreneurs have to deal with.

BusinessVictoria features a useful list of the types of hazards you should be looking out and preparing for.

One of the most pressing is environmental risks. This includes events such as natural disasters and property damage that could prevent you and your employees from doing your jobs.

A business property insurance policy is a great way to manage the aftermath of such incidents, as it can help with the cost of repairing or rebuilding your workplace, and get your company back on its feet sooner.

There is also a string of financial risks that come with being an entrepreneur. A change in the economic climate or a bad investment could spell disaster for your company, as could any loss-causing event that forces you to cease production.

To lessen the financial risks threatening your organisation, you may want to consider arranging business interruption insurance. This will cover you for the loss of profit you experience following an insured event, as well as pay off any outstanding debts you may have and ensure your employees continue to receive their wages.

Finally, every business faces significant health and safety risks. Your employees and customers are both at risk of getting injured or ill in your workplace - an eventuality that business liability insurance can help arm you against.