MANAGEMENT

Detailed explanation-1: -Business Insurance is designed to help mitigate a business’s financial losses in the face of unforeseen risks.

Detailed explanation-2: -Typical risks you can insure against could be: fire, theft, vandalism, workers compensation, legal costs, protection from injury or property damage to a third party, or business disruption.

Detailed explanation-3: -Business risk is a risk of loss so closely tied to an insured’s way of doing business that it is considered not to be an appropriate subject of insurance coverage; such risks are typically addressed as overhead or as a subject for loss control.

Detailed explanation-4: -Risk transfer is a risk management and control strategy that involves the contractual shifting of a pure risk from one party to another. One example is the purchase of an insurance policy, by which a specified risk of loss is passed from the policyholder to the insurer.