The potential risks, involved with the management of a library, may cause a tremendous economic loss, so require a systematic management. The rist management process, consisting of risk identification, risk measurement selection of risk treatment methods, implementation, and monitoring and evaluation, suggests the use of insurance to deal with property risks, liability risks and personnel risks. For the systematic risk management of a library, risk manager should be appointed to be responsible for program development and insurance purchase. The limited coverage of library risks, provided by the school cooperative society, should be supplemented through development of insurance products. Further study is required to improve the library risk management and the application of insurance in a systematic and realistic way.