One of the most common risk management tools is insurance. Most people have insurance for their homes, their cars and their health. This limits their financial liability in case disaster strikes and costs start piling up.
If you own a pet, you also have the option to purchase insurance to cover your pet. According to the North American Pet Health Insurance Association (NAPHIA), there are 179 million pets in North America; however, less than 1 percent are covered by pet insurance.