Assess the risk associated with your specific business and respond to the following prompts for the small grocery store business (Write answer in your own words):

1) What types of risks can you seek to avoid in your small grocery store business? What steps would you take to avoid these risks?

2) Risk cannot be completely avoided. What steps will you take to reduce the risks associated with your small grocery store business?

3) Risk can also be anticipated and preparations put in place to minimize the impact of negative occurrences. What plans would you put in place to prepare for a negative event in your small grocery store business?

4) Risk transfer involves shifting some of the costs of a particular risk to an insurance company. The chapter presents a vast array of insurance types. Given the risks inherent in your type of business, identify at least four types of insurance addressed in the chapter that you would pursue for your small grocery store business. Justify your selections.

Answer rating: 100% (QA)

POSSIBLE RISKS IN GROCERY STORE BUSINESS 1Financial riskswhere the business may not be able to make ... View the full answer