#1 Small to medium businesses are exposed to risks on a daily basis. The impact of these risks could cause a decrease in revenue and/or an increase in expenses. As we all know, every business is subject to risks at any time. The potential losses as a result of unmanaged risks could be catastrophic. Insurance policies can be purchased that can help protect businesses from risks caused by certain events and from risks to their employees’ personal security.You have been given the task of persuading your business’s board of directors to purchase insurance policies that will help manage the risks mentioned above. The insurance policies have already been chosen, but now you must explain the details of the insurance policies, including the contracts involved in the policies to the board and convince the board that these policies really will protect the business from risks. In addition, you must describe what the terms in the insurance contracts mean and how they can be applicable to each business area.In order to do this, you will need to create a portfolio document with the following sections: Text ISBN: 9781119489733 Authors: Peter J. Edwards, Paulo Vaz Serra, Michael Edwards Publisher: John Wiley & Sons Publication Date: 2019-08-13

Introduction:

Small to medium businesses face numerous risks on a daily basis that have the potential to impact their revenue and increase their expenses. It is essential for these businesses to have insurance policies in place to manage and mitigate these risks. This assignment aims to persuade the board of directors of a business to purchase insurance policies that can effectively address and protect the business from various risks. The chosen insurance policies have already been determined, and the task is to explain the details of these policies, including the associated contracts, to the board and convince them of their efficacy. Furthermore, the assignment involves describing the meaning of the terms in the insurance contracts and how they are applicable to different areas of the business.

Main Body:

Section 1: Overview of Risks Faced by Small to Medium Businesses

In this section, we will provide an overview of the risks that small to medium businesses commonly face. These risks include but are not limited to natural disasters, accidents, theft, lawsuits, and employee-related risks. It is important for the board of directors to understand the potential impact and consequences of these risks on the business’s financial stability and reputation.

Section 2: Importance of Insurance Policies

This section will emphasize the importance of insurance policies in managing and mitigating risks. It will address the potential catastrophic losses that can occur if risks are left unmanaged, highlighting the financial implications for the business. We will also discuss the role of insurance policies in providing coverage for events such as fire, theft, liability claims, and employee-related risks. It is crucial for the board to recognize that insurance policies serve as proactive measures to protect the business and its stakeholders.

Section 3: Details of Chosen Insurance Policies

In this section, we will provide a comprehensive explanation of the insurance policies that have been chosen for the business. We will outline the coverage provided by each policy and how they specifically address the risks identified in Section 1. The policies will be described in terms of their benefits, limitations, and applicability to the business’s unique circumstances.

Section 4: Analysis of Insurance Contracts

This section will delve into the details of the insurance contracts associated with the chosen policies. We will clarify the key terms and provisions within these contracts, explaining their significance in managing risks. It is essential for the board to understand the rights and obligations of the business, as well as the insurer, in order to make informed decisions and effectively utilize the insurance policies.

Section 5: Application of Insurance Policies to Business Areas

In this final section, we will illustrate how the insurance policies can be applied to different areas of the business. We will evaluate their relevance and effectiveness in protecting the business from specific risks in areas such as property, liability, and employee security. This analysis will help the board to fully appreciate the practical implications of the insurance policies and their potential to safeguard the business across various domains.

Conclusion:

In conclusion, this assignment aims to persuade the board of directors to purchase insurance policies that can effectively manage the risks faced by the business. By providing an overview of risks, emphasizing the importance of insurance, explaining the details of the chosen policies and their contracts, and illustrating their application to different business areas, it is expected that the board will be convinced of the necessity and efficacy of these insurance policies.

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer