Two hundred thirty two years ago, On July 4th, 1776, a few visionary men on the west side of the pond threw caution to the wind and embarked on an undeniably risky venture towards freedom, with the signing of the Declaration of Independence. Their courage is an example of how taking risks can lead to great rewards - and happily American freedom lives on. Life is a balancing act - we want to weigh risks and rewards, and manage risk as much as we can, so as to avoid being caught unawares. I’m glad that risk management for my family in the 21st century involves exciting details like choosing an HSA qualified health insurance policy and making sure that we have adequate liability insurance for our cars. Much preferable to sticking my neck out as a traitor against the British Monarchy. Without further ado, the Colorado Health Insurance Insider presents the Independence Cavalcade of Risk…

INSURANCE:

Free Money Finance has a post about the importance of having an umbrella policy along with your home and auto insurance coverage. This is one of those things that we keep talking about but never seem to get around to doing… always good to have a reminder - I’m going to call our P&C agent to see about getting umbrella coverage added to our policy.

Artemis.bm has a post about weather risk management. You can buy insurance for pretty much anything these days, so why not protect against the weather?

HEALTH CARE:
Jason at The Healthcare Economist has an article about the NHS Constitution, and raises some good points about accountability within the NHS. Will this constitution bring about any changes in the system? Or will it simply serve as a mission statement and wish list for the British health care system?

David at the Health Business Blog has a thought-provoking article about how hospitals need to step up their risk-management protocols in order to stay profitable as health insurance companies shy away from paying hospitals to fix their own mistakes. It would be nice to think that hospitals are less error-prone than other industries - maybe financial motivation in the form of lower health insurance reimbursement will do the trick.

Hank at InsureBlog has a great article about how the CDC is using duct tape to seal off nasty bacteria. Does anyone actually use that stuff on duct work anymore?

Joe Paduda at Managed Care Matters shows us there are just as many, if not more risks to being a patient in the American health care system than there are in countries with the horrors of universal coverage.

But Brian Schwartz of Patient Power would make the argument that America has different values than the rest of the world - we like our independence. He makes the case that medical care is not a right and universal or single payer coverage is nanny-state health care.

Ave Cassandra loves to counter Brian and the other Colorado libertarians, saying “[their] first step in fixing what they now acknowledge to be an American healthcare crisis is to repeal EMTALA, the law that requires hospitals to treat people who show up injured or sick at their doors. They’d also eliminate Medicare, Medicaid, and all insurance regulations.” Kristen discusses a variety of Colorado health care activists and issues in Colorado & health care reform.

My Health has an informative article about the risk factors associated with developing Alzheimer’s Disease. Makes one want to mitigate those risks as much as possible. Some can’t be avoided (hopefully we’ll all get past the age of 74), but this is just check mark on the long list of reasons why we should avoid Type 2 diabetes by adopting a healthy diet and lifestyle.

INVESTING:

The Money Answer Guy has a post about managing investing risk with some good tips on how to choose a mutual fund. Sure beats copying the same boxes your coworker checked on the 401k enrollment.

Presh from Mind Your Decisions has an article extolling the virtues of taking the less risky path with your money, even if you’re young and just starting out. His article runs counter to what we typically hear with regards to investing (ie, that the younger you are, the more risk tolerant you can afford to be), but he’s backed up his position with plenty of logic.

IN THE WORKPLACE:
Worker’s Comp Insider has a post about protecting rescue workers. New York city is still reeling from the claims filed by rescue workers from the 9/11 tragedy. Unfortunately we know that there will be future events that require large-scale rescue work - hurricanes, flooding, earthquakes… There will always be plenty of selfless souls who rush in to help without concern for their own safety. In trade, we have to make sure that they and their families are taken care of if the rescue proves dangerous. And since prevention is the best cure, it’s a good idea to learn from past mistakes and make sure that future rescue workers are better protected than the ones on 9/11.

All Business has an article about how to write a workplace incident report. Absolutely essential knowledge for anyone in a management position - incident reports are crucial for everything from workers comp claims to termination of employment. A good refresher for any supervisor.

Charles from Trusted Advisor has a post about how legal risk management has run amok. We’re all tired of disclaimers and mounds of paperwork for the simplest of transactions. I guess everyone wants to manage risk, and getting signatures on the dotted lines seemed like a good way to do so - but we may have reached the saturation point with legal contracts and disclaimers.

PERSONAL RISK:

For another reminder of something we all need to do, KCLau has a post about the hows and whys of getting a will in place. Not a particularly enjoyable topic, but the risk is huge (all of your assets) and the reward of having a will in place is pretty big too (sleeping soundly knowing where your children and assets will go when you’re no longer around to protect them yourself).

The Silicon Valley Blogger at Digerati Life is taking a big risk by quitting her job and retiring early, but she’s doing a lot to prepare - which is the key to risk management - and it sounds like the rewards will outweigh the risks.

Have a very happy 4th of July, and remember to keep it safe. If you’re looking for a good tip on minimizing risk this weekend, I’d say avoid mixing fireworks and Jim Beam. You’ll be happy to still have both your hands on Monday. Trust me.