Title: (Optional) Identify the purposes and major types of insurance to protect a business.
Course: Principles of Business and Marketing (12051-18) > Section: Making Sound Business Decisions

Identification should include

- explanation of how insurance is a risk-management strategy
- types of insurance, such as
  - vehicle
  - property
  - life (term vs. whole-life)
  - health
  - business/professional liability
  - workers’ compensation
  - product liability
  - business interruption
  - home-based businesses
  - cyberliability.

Process/Skill Questions:

- How are insurance needs and policies for business different from those for an individual? How are they similar?
- From a business perspective, what factors impact insurance rates and the ability to purchase insurance?
- How do specific changes in deductibles and coverage affect the insurance premium?
- In what ways can a life insurance policy serve the purposes of both insurance and investment?