Research a local insurance agent (any major insurance company) and determine the best insurance package for you and your venture, including the costs and deductibles.
Assignment related to ‘SIT Means SIT’ dog training company, which will be located in the suburbs of Chicago.
Research a local insurance agent (any major insurance company) and determine the best insurance package for you and your venture, including the costs and deductibles. In a Word document, submit responses to the following:
- A brief review of your risks
- The insurance package that is appropriate for your needs, detailing what is covered
- An alternative insurance package (either more coverage or less coverage), detailing what is covered
- Analyze both insurance packages and determine which is the best fit for you and the needs of your venture at this time; explain
- Did you feel the insurance agent you spoke to truly understood your venture and your needs? Why or why not?
- NOTE: You are NOT required to purchase insurance for this assignment
Minimum 2 scholarly sources (in addition to the text)
Minimum 2 pages
Will attach all documents to chat log to reference
From this weeks lesson
Introduction: Risk Management
This week’s lesson deals with an extremely important topic to entrepreneurs, risk management. There are a number of risks that a business owner faces. The first step is to identify these risks and then decide how, or if, they should be dealt with. Many different resources use different risk management processes, but they all basically boil down to these steps:
Identify hazards – what might cause a loss?
Some of the ways in which you might deal with the risks are:
a.Risk reduction – education and tools – like a sprinkler system to control fire damage
b.Risk avoidance – don’t do it – avoid a line of business where the risks are too great
c.Risk transfer – buy insurance
d.Risk assumption – self-insure (be prepared to cover small losses yourself)
Much of the risk we encounter is dealt with via option “C.” The entrepreneur will most likely be wise to buy some types of insurance products to protect them and their families. The interview below with Shawn Aguilar of State Farm Insurance is a great tool to help you assess your own risk situation and see what can be handled via risk transfer (insurance).
Requirements: 2 pages | .doc file
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