final paper part - The river rafting business can have...

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The river rafting business can have numerous amounts of risks; therefore purchasing the correct insurance is crucial for the business. The insurance must accommodate to the risks that are possible if anything wrong were to happen. According to Cheeseman, “insurance is a contract whereby one party undertakes to indemnify another against loss, damage, or liability arising from a contingent or unknown event” (2007). Each form of business insurance is designed to control a specific risk or loss. Many industries have industry specific risks and related policies such as environmental insurance. Certain businesses may have more liability or risk than others, therefore urging the company to invest in specific insurance. Prior to purchasing insurance, a company must perform risk analysis. The company must assess the liability risks and the scope of needed insurance coverage. The business owner should consider several aspects such as what is the likely amount of a claim for damages in the event of a claim, geographical location, and what the value of
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final paper part - The river rafting business can have...

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