In the Virgin Islands, commercial risk management strategies lower financial losses for businesses. A strategic plan won’t eliminate all risks, but it will provide companies with a better line of defense against losses. A local financial consultant offers a diverse plan for commercial risk management.
Managing Customer Accounts More Proactively
Customer accounts that are overdue present a financial risk to the company. A financial advisor introduces outsourced services to help the company collect the outstanding balances. A common practice is invoice factoring. Once the customer account is considered a risk, the company follows new strategies for offering new lines of credit. The customer credit assessments are more stringent and restrict access for customers who were delinquent frequently.
Reviewing Insurance Policies that Cover Risks
A financial advisor also helps the company identify additional commercial policies that protect the company against risks. Common options are general and global liability coverages. The policies …