Insuring Against Catastrophes

Lesson Goals:• Assess risks• Determine and develop risk management

strategies• Define insurance types and how they relate to a

home-based or micro business

Insuring Against Catastrophes

Insuring Against Catastrophes

How to manage risk:

Basic Types of Insurance

• Health• Life• Income• Property• Liability

Insuring Against Catastrophes

Liability Insurance

Protects against financial losses suffered by others for

which you are responsible

Insuring Against Catastrophes

Types of Liability Insurance

Insuring Against Catastrophes

1.What are the risks?

2.Rate the likelihood of loss.

3.Rate the size of loss.

4.Consider risk management strategies

5.Discuss with insurance agent/ broker

Insuring Against Catastrophes

Steps to Determine Insurance Needs: