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NASCLA Contractors Guide Virginia, 8th Ed Chapters 4 Managing Risk: Questions & Answers
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NASCLA Contractors Guide Virginia, 8th Ed Chapters 4 Managing Risk: Questions & Answers
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NASCLA Contractors Guide Virginia, 8th Ed Chapters 4 Managing Risk: Questions & Answers Why is managing risk important? Right Ans - important to your reputation and bottom line-Lower business and liability insurance premiums
-Reduce chances of being sued
-Improve chances of prevailing in a lawsuit
What should supplement your risk management program? Right Ans - Insurance. It provides protection against unforeseen events and is sometimes required by law
What does property insurance typically cover? Right Ans - insurance typically covers your business and personal property when damage, theft, or loss occurs. types of property insurance: All-risk builders' risk, named peril builders' risk, inland . marine/equipment theft, equipment floater, transportation floater, and motor truck cargo
policies
What is the purpose of liability insurance? Right Ans - designed to protect against third-party claims that arise from alleged negligence resulting in bodily injury or property damage
Name the types of liability insurance policies available Right Ans - commercial general, umbrella, and director's and officer's liability insurance
What is bundled under business owner policies? Right Ans - Property and liability coverage
What is typically covered under auto insurance? Right Ans - Liability and physical damage associated with vehicles owned or leased by your company
What is typically covered under Burglary and Theft Insurance? Right Ans - Loss or damage by burglary, theft, larceny, robbery, forgery, fraud, and vandalism
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