Example: protecting the company's property against fire and associated perils: commitment to loss control, good housekeeping, sprinklers, adequate water supply, emergency organizations, regular inspections There are three steps in risk management process III Step One: Identification and measurement of exposures Direct property losses Losses of income and extra expenses following a property loss Losses arising from lawsuits called liability ossesExample: protecting the company’s property against fire and associated perils: commitment to loss control, good housekeeping, sprinklers, adequate water supply, emergency organizations, regular inspections There are three steps in risk management process III. Step One: Identification and measurement of exposures ▪ Direct property losses ▪ Losses of income and extra expenses following a property loss ▪ Losses arising from lawsuits called liability losses