Business and Insurance Concepts

accounting cycle

• the collective process of recording and processing the accounting events of a company

• a method for calculating taxes owed by a business

• the process of auditing financial statements

• the timeline for filing annual reports

Business interruption insurance

• loss as a result of hurricane or tornado

• coverage for theft or vandalism

• protection against employee injuries

• compensation for equipment breakdown

Product Liability Insurance

• Necessary if your company sells any kind of product.

• Only required for companies with a large inventory.

• Optional for online retailers.

• Only needed for food and beverage companies.

Income Statement

• Shows a company's financial position at a specific point in time.

• Shows how a company has been doing over time and predicts future performance.

• Lists all the company's assets and liabilities.

• Summarizes the cash inflows and outflows for a specific period.

property insurance

• protects things such as equipment, machinery, and inventory, against fire, theft, and even storms.

• covers only natural disasters like floods and earthquakes.

• is only applicable to residential properties.

• provides coverage for personal liability and legal fees.

Vehicle Insurance

• covers the damages of a car you own or the company you work for owns

• provides coverage for personal injuries in case of an accident

• offers roadside assistance for vehicle breakdowns

• insures against theft of the vehicle only

Actuary Career

• A career in the insurance industry for those who like mathematics and numbers.

• A profession focused on creative writing and literature.

• A job in the field of computer programming and software development.

• A role in marketing and advertising strategies.

Business Interruption Insurance

• Covers losses due to natural disasters.

• Provides coverage for employee injuries.

• Insures against theft of physical assets.

• Protects against market fluctuations.

Workers Compensation

• Covers the cost of medical bills for employees injured on the job.

• Provides financial support for employees who are laid off.

• Offers bonuses for employees with outstanding performance.

• Ensures job security for employees during economic downturns.

home based business

• for if something happens to your equipment (and any inventory belonging to the business) at home

• for managing a team remotely

• for marketing products online

• for reducing operational costs