Social Studies College

What is the relationship between entrance and successful financial management? why is insurance important?

Answers

Answer 1

Insurance is an important aspect of risk management in business. Insurance is related to successful financial management because when a business is insured, it can weather times of loss and unforeseen occurrences without losing its strength. Insurance is important because it helps businesses to mitigate loss.

Insurance is an aspect of risk management in business where a policyholder pays an agreed sum to the insurer, with the intent of lightening any unforeseen losses they may encounter in the future.

Insurance is important because businesses come with risks that could be sudden and unexpected.

The pool of funds generated by the insurance company from other insurers will be used to attenuate the loss that the business will face.

Conclusively, if businesses will thrive for a long time, insurance is very beneficial.

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