An ideal business without risk almost does not exist. Before starting a business, it is necessary to look at the risk, prerequisites and ways of management. There are changes in business almost every day, primarily in changing business conditions, the impact of globalization, constant innovation and other business activities. Changes lead to instability and the emergence of business risks. Through theoretical and practical analysis, it is possible to identify high-risk factors with the aim of maintaining value. The definition of risk is not unique but depends on the circumstances and activity. Business risk is often associated with the risk of damage or loss of value. Risks are necessary factors that affect business security and financial stability. Risks lead to uncertainty, which in the long term is reflected in the impossibility of meeting business goals. The sources of risk are different, and mostly depend on the environment in which they take place. Through proper identification, assessment, analysis and approach, one tries to reduce and manage risks. A proper approach requires implementation of strategies. The company's operations are dynamic and uncertain, concepts for preparing for changes are developed by applying the management system. Timely recognition of risks and targeted management reduces long-term financial losses and business damage. Business risks are inevitable in the course of business, but proper risk management tries to identify and minimize them in order to achieve the goal of business. The aim of the paper is to describe and present business risks through definitions, examples and classifications as well as management and insurance methods. The method used to create the final paper is the desk method with a systematic literature review.