Insuring Against Catastrophes. Lesson Goals: Assess risks Determine and develop risk management strategies Define insurance types and how they relate.

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Presentation transcript:

Insuring Against Catastrophes

Lesson Goals: Assess risks Determine and develop risk management strategies Define insurance types and how they relate to a home-based or micro business Insuring Against Catastrophes

AvoidReduceAcceptTransfer How to manage risk:

Basic Types of Insurance Health Life Income Property Liability Insuring Against Catastrophes

Liability Insurance Protects against financial losses suffered by others for which you are responsible Insuring Against Catastrophes

Types of Liability Insurance Insuring Against Catastrophes General Automobile Product Professional Umbrella Policy

1.What are the risks? 2.Rate the likelihood of loss. 3.Rate the size of loss. 4.Consider risk management strategies 5.Discuss with insurance agent/ broker Insuring Against Catastrophes Steps to Determine Insurance Needs:

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