The paper presents an earthquake risk assessment for public utility company "Vovodod and Kanalizacija". The assessment was conducted according to the Methodology for disaster risk assessment and protection and rescue plans in emergency situations. The research part of the paper provides a summary of the present legislation governing disaster risk reduction in the Republic of Serbia, as well as the methodology used to conduct the risk assessment. The actions to lower the examined company's earthquake risk to an acceptable level were proposed based on the assessment results.