Title: Discussion Board
Course: SLF 129 Legal Risk Management for The Small Business - Updated Sept 28 > Section: SLF 129 Legal Risk Management for The Small Business - Updated Sept 28

Chapter 3 Discussion

20 pts.

“Over/Under Insured”

Insurance is necessary to protect individuals and businesses.  There are many types of insurance coverage used in business today, in fact some would argue that there are so many types of coverage in the marketplace today that business owners can find themselves over insured.  Business owners that are over insured find themselves facing extremely large premiums for risks that would most likely never occur, yet other owners are missing key coverage that could lead to serious financial hardships or even bankruptcy.

For this discussion I would like you to:

1. Identify the major types of insurance coverage that a business owner should always have to protect them from a major event.
2. Is it possible to become over insured? If so, how do you know if you carry too much insurance as a business owner?
3. If you own a business with a partner what types of insurance might you want to carry and why?