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. As discussed in the unit lesson, 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 this, you will need to create a PowerPoint presentation consisting of at least 10 slides, and complete the following tasks:
Please ensure that all sources used, including your textbook, are formatted properly using APA style. Keep in mind that the 10-slide minimum does not include the title slide or references slide.
Hint: Locate the Business Source Complete database located in the CSU Online Library, and then use the following in the search box: “Risk Management in Business.” You should be able to find a wealth of information concerning this topic there. In addition, check this website, http://www.naic.org/, and use the following search terms: “Introduction to the insurance industry.”