3-2 You have opened a new motel with an attached restaurant and cocktail lounge. What are...

3-2 You have opened a new motel with an attached restaurant and cocktail lounge. What are the risks -that -your business faces? What insurance coverages should you consider essential in your insurance program?

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Risks that business faces

Legal- the policies and schemes of the government,taxes on the income, organisation will have sensitivity regarding the above

Operational- internal controls, capacity management should be managed accordingly for best operation

Human resources- for the motel business,main resource required is human,that is , chef, server,cleaner etc , resource management is definitely a bigger task and risk of non availability will be arising

Raw materials- various types of vegies and non vegies, groceries are required at the right time,the same to be ensured by making tenders and contracts and agreements

Inventory management- As the inventory are used in everyday use of everyone's life the same should me managed that they are not theft

Insurance coverages are to be taken

Furniture - furniture will definitely be used daily and there will be depreciated and requre to replace frequently

On the building- insurance should cover building also

jeff jeffy answered 2 years ago

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