Identifying Business Risks, pp , and

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Presentation transcript:

Identifying Business Risks, pp 476-482, and Entrepreneurship Mr. Bernstein Identifying Business Risks, pp 476-482, and Dealing with Risks, pp 483-489 January 2018

Entrepreneurship Mr. Bernstein Types of Risk Entrepreneurs Face Speculative Risk: Profit or Loss Product Market People Financial Competitors Pure Risk

Entrepreneurship 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

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

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

Entrepreneurship 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)

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

Entrepreneurship Mr. Bernstein SBA Advice on Buying Insurance http://www.sba.gov/content/buying-insurance Assess your Risks Shop Around Consider a Business Owner’s policy (bundled) Find a Reputable, Licensed Agent Assess Coverage on an Annual Basis

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