Business Technology Mr. Bernstein Greene, pp 338-350: Insure Against Risks January 15, 2013.

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Presentation transcript:

Business Technology Mr. Bernstein Greene, pp : Insure Against Risks January 15, 2013

Business Technology Mr. Bernstein Types of Risk Entrepreneurs Face Speculative Risk: Profit or Loss Product Market People Financial Competitors 2

Business Technology Mr. Bernstein Types of Risk Entrepreneurs Face Pure Risk: Risk of Loss with no potential for upside Crime - Small Businesses 35x more likely to be victims than Large Businesses Employee Theft – “Shrinkage” > shoplifting Burglary, Robbery Credit Card fraud, bad checks Natural Disasters Fire Accidents and Injury 3

Business Technology Mr. Bernstein Insurable Risks Pure Risk Losses can be estimated Uninsurable Risks Economic conditions, Consumer Demand, Competitor Actions, Technology 4

Business Technology Mr. Bernstein Reducing Insurance Costs: Controllable Risks Can be reduced by actions (ie theft) Uncontrollable Risks Cannot affect with actions (ie weather) 5

Business Technology Mr. Bernstein Types of Insurance Available Property Insurance Business Interruption Insurance Liability Insurance Life Insurance Prepaid Legal Insurance Worker’s Compensation Flood (not usually included in Property Insurance) 6

Business Technology Mr. Bernstein How do you buy insurance? Online Insurance Agent Independent: Multiple Companies, Free to shop and compare Captive: Beholden to one company but knows their products very well 7

Business Technology Mr. Bernstein Workers Compensation Employers are required to purchase no-fault insurance Covers medical bills and lost wages Laws vary state by state 8