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Introductory Accounting by Lisa A. Bucki, Gail Perry, David H. Ringstrom

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CHAPTER10

Understanding Insurance

In This Chapter

  • Managing risk with liability insurance
  • Protecting your things with property insurance
  • Health and life insurance for your employees
  • Accounting for insurance expenses

Life is fraught with risk, and owning or managing a business often brings exposure to even more risks. Although you can’t guard against every risk in life, you can share the burden of risks you can anticipate by purchasing insurance.

As with many aspects of running a business, there’s an art to using insurance effectively. As you’ll see in this chapter, if you have employees, you need to purchase workers’ compensation insurance, ...

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