The daily existence of a business entity, just like a person’s life, is teeming with possibilities for small mishaps and real misfortunes. This is especially true for dynamic entrepreneurial companies on the path of diversifying their activities and expanding their commercial horizons. Small and midsize companies are far more vulnerable to the impact of unforeseeable events than large enterprises. The monetary consequences of a single accident have the potential to close a small business with slim cash reserves. Alleviating the financial burdens that may result from various contingencies with the help of insurance is the most obvious method of dealing with the unpredictable future. Conceptually, it constitutes a risk management strategy: transferring the risk to another party—in this case, insurance policy underwriters. With sufficient knowledge of the subject matter, you can find policies that will cover payments associated with most trials and tribulations.
KeywordsRisk Management Strategy Product Liability Liability Insurance Marine Insurance Business Interruption
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