Insurance

What insurance will you need for your business?

The insurances we shall be thinking of using in our business will be property insurance which will insures us against any loss or damage to the location of our business and any items that were on the premises. It can also insure the property of others in your control when the loss occurs. Property insurance can be for a specific risk. For us to be competitive, we shall offer our workers health insurance. This insurance will offer health coverage benefit to our employees. A workers’ compensation shall be put into place where the employee is not allowed to sue their employer for on-the-job injuries; but, in return, the company will provide payment to the employee in case of injury for medical bills and damages. Life and disability insurance will be part of our business to protect the business against the death or disability of key employees.

What other risk management issues are you concerned with?

Some of the risk management issues we are abit concerned with are theft, fire, products or services, new players in the market place, injury or disability, and the economy because all those can destroy in a few minutes what may have taken us sometime to build our business. Our biggest fear is potentially having disruptions in our supply chain. Such issues can affect day to day operations, reduce profits, and cause financial hardship that can lead to even bankruptcy. The way we shall manage our risk issues shall be by identifying, assessing, and prioritizing by doing this we shall handle the risk associated with the business environment and categorize it by economical, technical and operational.

Are there any legal concerns that the business will have to deal with?

There are a many legal issues to think about when it comes to starting a business. It’s all comes down to the name of the business and how we plan to use is it and hopefully not already being used by another business, how the business is structured...