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each business has its own risks yes?
in general lines, you manage risk for whatever business you are in by identifying where is the greatest potential areas for large losses. If you have an airline company, accident and death is a great risk just like cost of oil. Once you know or feel you can identify these, insurance is an universal risk love jaylan management tool. I hate insurance but it's unavoidable. Also, if you deal internationally, you buy hedge protection for your contracts so you are covered for exchange rate fluctuations.
Another tool worth mentioning, mainly for US companies, is proper company setup. I would say the most important. Go online and learn if you should have a LLC, CORP, INC, etc. This will be the single most important step in risk management when having a business.
I can think of others such as having an attorney on retainer, proper employee contracts, purchasing agreements with protection clauses, etc.
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