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Business Technology

Business Technology. Mr. Bernstein Greene, pp 338-350: 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.

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Business Technology

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

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

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

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

  6. Business TechnologyMr. 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. Business TechnologyMr. 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

  8. Business TechnologyMr. 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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