MANAGEMENT

Detailed explanation-1: -Though having your business insured is not mandatory in India but it is necessary. Business insurance India comes with certain features that make the policy worth your money: Damage to the property due to fire or natural disasters such as flood, earthquake, storm etc. Loss due to theft.

Detailed explanation-2: -Explanation: We know that businesses cannot completely do away with risks. There are certain kinds of risks (mostly speculative risks) that could go in the favourable or the unfavourable direction. Some of these risks like change in demand for the commodity or social standing of the business cannot be insured.

Detailed explanation-3: -Expert-Verified Answer. Answer: The statement is false.

Detailed explanation-4: -Need for Insurance Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses: Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future.

Detailed explanation-5: -It provides them much-needed protection against financial losses arising due to bodily injury, company-owned property or lawsuits. If a business owner doesn’t opt for business insurance, their business would be unable to carry on with the operation after such a loss.