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Identifying Business Risks, pp , and

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Presentation on theme: "Identifying Business Risks, pp , and"— Presentation transcript:

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

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

3 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

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

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

6 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)

7 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

8 Entrepreneurship Mr. Bernstein
SBA Advice on 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

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

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