Business Risks
Definition of a Business Risk
A threat to the company’s ability to achieve its financial goals.
Is Insurance a good thing to have?
Yes
What are three forms of capital?
1) Financial
2) Human
3) Social
What is one way to identify a business risk?
1) Analyze the sources that may trigger problem.
2) Act Now
3) Involve Employees
4) Make a list of industry-specific risks
5) Create a record of risks
Which Business Insurance is also called Errors and Omissions?
Professional Liability Insurance
Define Business Capital
an essential component of starting and maintaining a successful business.
What are the Four Types of Business Risks?
1) Strategic Risk
2) Compliance Risk
3) Financial Risk
4) Operational Risk
Which business insurance covers your equipment and inventory in the event of a problem?
Home-based Businesses Insurance
The relationships people have to each other, and the desire they have to do things for and with others within their social networks. What Capital is this?
Social
What are the three causes of business risks?
1) Natural Causes
2) Human Causes
3) Economic Causes
Which insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft?
Property Insurance
the skills and abilities a company's employees bring to the operation. What capital is this?
Human
What are the three ways you can manage business risks?
1) Avoid the risk
2) Prevent the risk
3) Contain the risk
Name all seven Business Insurances
1) Professional Liability Insurance
2) Property Insurance
3) Workers Compensation Insurance
4) Home-based businesses Insurance
5) Product Liability Insurance
6) Vehicle Insurance
7) Businesses Interruption Insurance
consists of bonds, business loans, credit cards and other lines of credit. What capital is this?
Financial