Health and Safety in Construction

Title: Health Safety Construction – This report is as an advisory document to surveyors. It provides a critical appraisal of legal, economical and ethical issues relating to health and safety, considering the role of organisations and individual employees in complying with current legislation, and specifying limitations imposed on the conduct of the property professional.

Introduction

Health and safety is an area of concern which every surveyor and property professional must address. The costs of failing to do so may be felt by the professional in question, or may be borne by the property organisation or their clients. Understanding of health and safety issues necessitates knowledge related to three specific areas of concern – strict parameters regarding legislation, and economic concerns, and the more general but nonetheless important area of ethical conduct. Legal concerns comprise statutory regulations regarding site visitation, health and safety inspection, on site conduct, and provision of safe and reliable equipment. Economic issues are related to the necessity of budgeting for health and safety training, insurance against injury, and loss of revenue resulting from legal action in cases of health and safety breaches. Ethics relates to the individual nature and integrity of property professionals, and the establishment of specific codes of conduct within organisations.

Legal Constraints

When visiting premises or sites it is compulsory for a property professional to possess appropriate legal certification. To this end, certification via a valid CSCS (Construction Skills Certification Scheme) card is mandatory to gain access to all major UK construction sites (CITB, 2016). The purpose of schemes such as the CSCS is to ensure all construction professionals are competent and have the necessary training and qualifications for the work they will undertake (CITB, 2016). In addition, guidance issued by the Royal Institute of Chartered surveyors (RICS) states that, prior to any visit to a site or premises, a property professional should conduct a pre-assessment process to determine hazards that may be encountered on the visit (RICS,2011). To this end, it is important for the employer to have clearly understood procedures in place, and to provide suitable training and information for the employee (RICS,2011) This guidance should facilitate the organisation’s compliance with statutory regulations such as the Control of Substances Hazardous to Health 2002 (COSHH). Under COSHH legislation an employer must to decide how to prevent harm to health, for instance by appropriate risk assessment.

Consideration must be given to the risk associated in regards to work-related health and safety of an employee in the working environment. Under the Health and Safety at Work Act 1974 (HSWA) “employers must ensure, as far as is reasonably practicable, the health, safety and welfare of all employees” (HSE, 2016). Section 2 of the act specifies general responsibilities owed by an organization to its employees. For example, for the purposes of site visits, the employer is obligated to provide personal protective equipment (PPE), and the employer must ensure the PPE meets the minimum required standards and is fit for purpose. This stipulation is further supported by Personal Protective Equipment at Work Regulations 1992. In terms of this legislation, employers are also obliged to provide and maintain a safe working equipment (Rics, 2011). Compliance necessitates regular inspections to certify the fitness for purpose of PPE and all other on-site equipment. Failure to meet this requirement will result in a breach of section 2 of the HSWA, and may result in prosecution, as seen the case of HSE v Zurich Management Services Limited (Zurich) and Railcare Limited (Railcare).

Another key responsibility for employers is the provision of employee health and safety training. This should be facilitated by regular attendance on training courses covering current health and safety regulations. The employer must also provide employees with all relevant information regarding the company’s specific health and safety policies and procedures. It is important to note that the employer is not solely responsible for the health and safety of the organization. HSWA section 7 describes a statutory duty for the employee “to take reasonable care for the health and safety of himself and of other persons who may be affected by his acts of work” (Legislations.gov, 2016). Therefore, employees must follow procedures, training and policies given by their employers. If an employee is unclear on any policies, or feels they are not adequately trained to complete a task, they are obligated to communicate this to the employer. Breach of HSAW section 7, often results in litigation relating to professional negligence, as seen in the case of HSE v Barry.

Surveys and Reports

Lone working is common in the property industry. There is no legislation against this practice; however, in the absence of appropriate risk assessments provisions and procedures, lone working may be hazardous. For this reason, under the Management of HSAW Regulations 1999, assessment of risk pertaining to lone working must be conducted every day prior to work commencement. This is further enforced by the HSE regulations stipulating the responsibility of employers to ensure the safety of their works (HSE,2013); prior assessment should be supported by clearly established procedures for communicating with the lone worker, and scrupulous maintenance of records by employer and employee alike. If it is deemed overtly hazardous, lone working should not be considered, or an extensive rescue and recovery plan should be implemented to reduce risks.

Hazardous surveys must be conducted in accordance with current regulations. Rulings and standards to this effect may be obtained directly from the Health and Safety Executive (HSE). This means that professionals are bound by strict methodologies when conducting surveys and writing reports.

Contract Administration

When acting as Contract Administrator (CA) the property professional is obligated under the Constructions Design Management Regulations to manage health and safety risks throughout the construction process (HSE, 2015). The CA should prepare a written construction phase plan detailing the main dangers inherent in any given project, and suggesting appropriate control measures. For example, working at height necessitates a plan for the installation of gable ends, toe boards and guardrails. In general, the acting CA should have the relevant training, knowledge and experience necessary to carry out his duties safely. Again, this is supported by HSE regulations specifying the employer’s responsibility to ensure all employees are suitably trained to conduct specific tasks to which they are assigned.

Economic limitations

Legally all organisations must meet certain criteria in order to comply with current health and safety legislation. Under the Employers’ Liability (compulsory insurance) Act 1969 employees based in Great Britain are required to obtain Employers’ Liability insurance (HSE, 2012). The cost of the insurance premium is solely dependent on the nature of the business and risks associated. The nature of activities in construction-related professions means that higher insurance premiums are to be expected. Failure to meet this requirement may result in fines of up to £2500 (HSE,2012). Additionally, the HSAW act 1974 requires employers to finance the provision of information and training to ensure the health and safety at work of their employees. For instance, it is mandatory for a construction-related company to provide for employee attendance at courses covering the incidence of work with hazardous material. Further expenditure will be incurred in the provision of equipment necessary to complete work safely, such as PPE. However, the cost of meeting statutory requirements may be subsidised, on the basis that it facilitates improved standards of health and safety. According to HSE documentation, in the year 2014, 3% of workers in the construction industry sustained a work related injury (HSE,2015). This amounted to 65,000 separate incidents, resulting in 1.7 million working days lost. Increasing health and safety standards will help to minimise the potential for work related injuries, consequently, decreasing the chances of loss in working days and resultant economic burden to employers.

Breach of HSAW regulations may pose significant economic threat to an organisation, as it often results in a monetary sanction. The HSE can bring prosecutions before the magistrates’ court in which penalties of up to £20,000 per breach may be imposed (RICS, 2011). Furthermore, under HSAW (offences) Act 2008 imprisonment is also a possibility for almost any offence (RICS, 2011). In more extreme cases, persons may be prosecuted under the Corporate Manslaughter and Corporate Homicide Act 2007. The prosecution process whether it be for minor or substantial breaches, is bound to have a negative impact on the reputation of the organisation, resulting in a loss of clients and eventual a loss of earnings.

Ethics

There are grey areas which are not governed by legislation in this case the moral integrity of an organisation or professional is relied upon. Regardless of the type of task being carried building surveyors should recognise that they have a responsibility to the public and should at all times act in a manner which affirms this (2008,).

Conclusion and Recommendations

Interpreting legislation can be problematic; ambiguous terminology such as ‘reasonable and practicable’ is often cited to summarise the necessary level of compliance to legislation. Documents such as the Surveying Safely RICS guidance note 1^st edition (Gn 74/2011) provide advice on how a property professional may meet current legislation. While these guidance notes are not enforced by law, in circumstances in which allegations of legislative breaches are made against a surveyor, a court or tribunal is likely to take account of the substance of RICS guidance. By conforming to such guidance notes, a surveyor should have at least partial defence against allegations of professional negligence. Hiring a health and safety office may also be advisable to ensure that an organisation is practising in such a way as to comply with current legislation. In relation to economic issues, good practice may minimise the incidence of expenses incurred in consequence of breaches of legislation. While ethical conduct is significantly related to personal and professional integrity, appropriate ethical conduct may be further encouraged by the establishment of codes of conduct within individual organisations. Such measures allow for in-house disciplinary proceedings, and bring the added advantage of improving the public image of the organisation in question.

References

CITB (2016) CSCS FAQs (Frequently asked questions)

Royal Institution of Chartered Surveyors (2011) Surveying safely 1st edition, guidance note. Coventry: Royal Institution of Chartered Surveyors. 1-13

Health and Safety Executive (2013) Working alone Health and safety guidance on the risks of lone working. London: Health and Safety Executive 1-5

Health and Safety Executive (2012) Health and safety training A brief guide. London: Health and Safety Executive 1-6

Health and Safety Executive (2016) Principal contractors: roles and responsibilities.

Health and Safety Executive (2012) Employers’ Liability (Compulsory Insurance) Act 1969 A brief guide for employers. London: Health and Safety Executive 1-6

Health and Safety Executive (2016) Construction industry

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Branding Dissertation Burberry

Brand Identity and its Impact on Consumer Loyalty – A Study of Burberry

Branding Dissertation

Title: Branding Dissertation Burberry – Corporations spend a great deal of resources emblazoning their image – using every conceivable space and all available communication media in effort to secure a position in the minds of fickle consumers. It is deemed by organizations to be a good use of time and money to create and maintain an awareness of their brand as set apart from the competition. Regardless of the sophistication or the scope, brands are a standard means of identification and differentiation within any proprietary framework. With increasing emphasis on brand, branding and logos in order to establish identity among the consumers and buyers, it has become imperative to understand how brand identity influence purchase behaviour and the loyalty of customers. Many researchers have explored the phenomenon of brand identity and presented the belief that people connect to brands for the same reasons they join cults. Through brands such as Apple and Harley Davidson, people find meaning and experience community. In his research he uncovered profound, almost cult-like loyalties to brands, among everyday types of people. He states that the brands themselves are the new religion. This cult-like brand loyalty necessarily attract a great attention to explore and examine how and why people become loyal to a certain brand and how brand identity can play a vital role in retaining them a loyal customer over a long time. Brand Identity can be described as a promise. It is given to a customer to expect some things may it be product quality, service or price. It varies from brand to brand.

Branding Dissertation Burberry

The focus of this study is to examine the relationship between brand identity and consumers loyalty towards particular brands. The researcher is especially interested in exploring the brand identity in fashion industry. The researcher will thus attempt to examine how famous brands have attracted the attention of consumers, whether the brand image can make consumers loyal to the products associated with it and how consumers perceive the important of a good brand for their purchase intention. The fashion world is currently exploding with brands that have leaped from the back racks into store window displays. But none has resurfaced as boldly as Burberry. Distributed through Burberry stores as well as specialty retailers, Burberry is an international luxury brand with a distinctly British origin and sensibility.

Dissertation Objectives

To define brand identity after the review the current and classical literature in the context of consumers purchase intention and loyalty for the brand.
To investigate the relationship between brand identity and successful marketing strategies
To examine the importance of brand identity from consumers perspective

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Pricing Strategy Primark

A Study into the Impact of Pricing Strategy on Market Growth at Primark UK

Primark Dissertation

The aim of this dissertation is to identify the importance of differential pricing strategies in the fashion and apparel industry in UK, which has been adopted by the organisation Primark. There are a number of factors behind the adoption of this marketing strategies and the research has been designed to identify and analyse the same. The study as a result has been broken down into six different parts or chapters. The first chapter introduces to the topic to the reader whereby research aims and objectives and questions are presented. To be able to conduct successful research on the same, it is necessary to identify the important aspects and factors in the market, and this has been achieved in the following chapter on literature review.

The focus is on the identification of important literary frameworks which will help in the provision of direction to the research study. Involvement of research participants is a crucial aspect and the same have been elaborated in the third chapter which informs the reader about the adopted research methodology which is epistemology. Secondary research about competitiveness through pricing strategies in UK fashion retail is also presented. The fourth chapter is presentation of responses obtained from the sample population and focus groups. This is followed by the fifth chapter which is based on the analysis and interpretation of the responses obtained from primary research. The final and concluding chapter will highlight the findings of the study along with provision of recommendations and scope of future research. They finally establish that the differential pricing strategies adopted by Primark have been successful in providing growth and competitive edge to the organisation.

The aims of the research process have been carefully constructed to ensure that the focus is on the attainment of the purpose of the research study:

To present evidence based market picture of the UK apparel industry in order to highlight the critical factors which affect the purchase decisions of the customers in the market.
To be able to analyse the appropriateness of the strategies developed by the business organisation related to marketing and business development in the UK market.
To be able to analyse market trends and highlight crucial factors related to the operations of the organisation, which will help in making recommendations towards growth and sustenance of business of the organisation in UK with the current objective and marketing strategy adopted by the organisation.

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Economics Dissertation FDI India

The Impact of FDI on Domestic Competition and Industrial Growth in Emerging Economies: The Case of India

The increasing inflow of Foreign Direct Investment (FDI) over the years to emerging economies is seen with great optimism by governments and policy makers since it is expected to uplift the economic position of the host countries through positive spill-overs. Various studies have examined the impact of FDI on the domestic firms, economic growth and productivity of the host economy, highlighting the positive externalities that make this investment a worthwhile option to explore. However, the fact that this investment may sometimes negatively affect the output of the host economy or the behaviour of domestic firms is not thoroughly explored, especially with respect to developing economies where FDI may cause domestic firms to exit or prevent the establishment of small and medium enterprises. Furthermore, most of the previous studies have focused on either the domestic industry or the industrial output or exports without simultaneously analysing the effect on a combination of such factors. This study therefore incorporates the effect of FDI on domestic industry in terms of the presence, entry and exit of domestic firms and the growth in output and export orientation of the host economy. The relationship between FDI with the different variables that contribute to the domestic competition and industrial expansion and growth has been analyzed. The results of the analysis show that while FDI has a strong association with the output and export growth of the host economy; it does not appear to add value. Simultaneously, it causes a large number of local firms to exit the industry. Nonetheless, it appears to stimulate the local industrial growth by allowing new firms to enter and enhancing the market capitalization of listed firms. Furthermore, the number of micro, small and medium enterprises (MSMEs) and their employment rate also shows an upward trend with FDI. The growth in exports, especially high technology exports stresses on the presence of technology spill-overs to the host economy.

This study considers the impact of FDI on the host economy by taking into account various factors, each of which can be a priority for policy makers and an incentive to attract foreign investment. However, it is essential to understand how FDI affects the industry on the whole by studying the impact on each of them in isolation. The research aims to inter-relate the literature available on knowledge and technology spill-overs and competition to understand how local firms derive benefits from FDI in their country. The objective is to understand if increased inflow of FDI prevents the entry and growth of domestic firms in emerging economies. Simultaneously, it strives to determine if the entry of a foreign enterprise leads to an exit of local firms from the industry. Additionally, it is also aimed at understanding how FDI can shape the industrial output and export competitiveness of the host country.

Research Questions

How does FDI affect the entry and exit of domestic firms in the host economy?
Does FDI induce industrial expansion in the host economy?
Do local industries in emerging economies experience an increase in the output and export growth as a result of FDI?

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Accounting Information System Risk

Accounting Information System Risk – The main aim of this article is to highlight the risks and security threats faced by a Hong Kong based online supermarket. It typically examines the status of current e-commerce businesses across Hong Kong, particularly the ones specializing in fresh produce. The careful analysis of facts and figures based on this information shows that there are several risks and security threats associated with online supermarkets. The risks can be broadly categorized into primary and secondary, and can be further sub-categorized. For the safe running of an extremely vulnerable (yet profitable) online business, it is quite important to chalk out the strategies and measures beforehand. The report concludes by enlisting the various risk management measures that can be applied efficiently to protect the business in times of a crisis. Accounting information system risk.

Background

Online shopping has become a part and parcel of everyone’s life. It is a fact beyond denial that e-commerce has slowly but gradually posed itself as a market takeover business, ready to outpace U.S. brick-and-mortar in the upcoming decade. Numbers suggest that it will reach a total of around $370 billion by the year 2017. The extensive growth of e-commerce is irrespective of the geographical location in contrary to the popular belief that western countries are much more advanced in this business. E-commerce industries are budding in countries like China, Japan and India, and these companies are equally competing in the global market.

For instance, Chinese e-commerce Company – Alibaba group has been giving a tough time to giants like Amazon and Walmart. Recent statistics has shown that the numbers are rising in countries like China and India, and they are even successful. On the other hand, over the past few years the numbers have steadily declined in the West due to the stringent government policies. The tax laws have become stricter, the revenues have gone down and there are numerous other reasons for this decline.

Hong Kong has seen a tremendous growth in the online business sector over the last decade. Here are a few facts about Hong Kong:

The overall penetration rate of mobile subscribers: 240.2%
The penetration rate of broadband connection: 83.3%
Penetration rate of PCs for various business sizes (ranging from small to big): 75.2%
Percentage of internet usage by business organizations (all inclusive): 74.8%
Total number of hotspots established by private sector and the Government: 31,879
Total ICT spending: 6,273 million

These stats clearly reveal that why Hong Kong has become an ideal place for a new online based business. There are other benefits as well. The initial capital and fund requirement is low. The friendly government policies like 0% corporate tax for outward-bound transactions, no sales tax make it even easier for the new companies. So Hong Kong is an ideal place for setting up an online business.

Despite several policies and benefits, there are potential risks even in Hong Kong. Every business has its unique set of risks. A physical warehouse situated in an earthquake-prone area, for instance, can go down at any point of time. An online store’s payment getaway can be brought down by an anonymous hacker. Likewise, online companies in Hong Kong also face a wide variety of risks.

On the other hand, security threats have become a major issue for online companies over the past few years. Cyber-attacks have led to the loss of revenues. Many people have had a psychological effect on their mind questioning the safety during a purchase. So starting a business may seem very exciting and well-decided initially but as the problems slowly develop, they begin to diminish all the excitement that once used to exist.

An online supermarket based in Hong Kong is prone to all kinds of risks. The involvement of perishable items, dependency on online consumers and several other essential factors play a huge role in determining the success of the business. There will be risks, but there is no denying the fact that effective strategies can be devised to minimize them to a certain extent (if not completely).

The next section presents an elaborate discussion on the various risks posed on an online supermarket specializing in fresh produce. The countermeasures have also been highlighted elaborately.

Discussion

This section talks about the potential threats faced by a typical online supermarket in Hong Kong and the measures to mitigate those threats.

As the risks are exclusive to a typical online supermarket, it is very important to focus on the particular dimensions that define the risks, value and financial forecast for it. The following are a few issues that require investigations, analysis and interpretation prior to their acceptance.

Social Risks

Social risks are an important constraint for every online-based business. One of the issues that will eventually crop up is Unsustainable Site Traffic. In the parallel online universe, site traffic and success are two sides of the same coin. Online Companies depend heavily on organic search capabilities in order to achieve sustained site traffic. It is a fact that online companies generally advertise through Google AdWords and other such mediums. Still, sustaining site traffic remains a sturdy and hard to deal with the challenge for any online company.

Nowadays, Corporate Social Responsibility (CSR) is an important aspect for every company. There are regulatory organizations constantly monitoring a company on social and environmental grounds. Any violation can lead to huge amounts of fine. And, there is always a risk for companies (specializing in fresh produce) because the main source of raw materials is very closely linked to environment and other related factors.

Financial Risks

One of the most important and dreadful financial threats a business may pose is the risk of losing the main income source. Such horrifying moments may appear in any business where the business model may crumble in an instant without any warning, leading to bankruptcy. Once the online business starts to roll smoothly, nobody cares about the worst. There is a certain possibility of becoming complacent thinking that good times will continue till eternity. But the scenario may change entirely within moments and without any prior notice.

For an online supermarket, the business is fragile during the initial stages. There is a lot of competition all around and there is not a consumer base yet. The stakes are high and a lot of money is involved. There is no fixed “return on investment”. In the case of other online companies, the market gradually becomes stable. But the scenario is not the same here. Even if the market becomes stable, the customers will always root for the cheapest and best products. There is always some company ready to shell out quality products at a lower rate to get a hold of the market. Again at times, the quality can degrade due to some unknown reasons. All this affects the revenue of the company.

It is a matter of fact that most online businesses do not audit their financial records. As a result, in order to verify financial disclosures, the sellers have no other choice but to rely on secondary checks by using combined site metrics and industry benchmarks. If one such aspect of the website’s financial information does not fit with the site metrics, it could indicate that the particular financial information is fraudulent or flawed. In that case, the business may run the risk of being labeled as fraud and non-genuine.

Marketing or Business Risks

Staying unaware of the present market demands and trends can prove hazardous for any online business. Innovation is the key to success in these kinds of companies. The current trends of the market keep changing every now and then without any prior notice. On closer examination, it has been seen that sometimes a business can lead astray and not serve the demands of the market properly. It, therefore, runs the risk of becoming vague and unpopular among the audiences or customers. Every time it’s not about innovating a new product, sometimes a different approach is needed. And not everybody can do that. And that’s why a majority of the online ventures fail today.

For instance, a majority of the online supermarket store sells discounted products to get a stronghold in the online market. This is a common approach used by almost all the sellers. After a certain point of time customers are not interested anymore. Why? Because they are bored to see the same adverts and the same type of deals every day. Some of the online companies take a major hit from this decline and are forced to shut down. And, this can happen to anyone.

Physical Risks

Starting a business is one thing, and managing it is totally different. The owner not only has to manage the funds and invest a lot, but a lot of physical exertion is required in order to ensure smooth flow of the business. Reliable survey reveals that 60% of the average businessman’s time is spent in working hard in order to make the company successful, and the rest of the time is spent on worrying about what is still left to be done. Although more often than not, the rewards of entrepreneurship outweigh the personal risks undertaken by businessmen, but it has also been observed that these risks prove to be lethal in more than a few cases.

Security Threats

Security threats are a major concern among the online retailers these days. The number of hackers has grown over the past few years, and the consequences are worse than ever. From sites getting affected by malware to the breaching of firewalls and what not – the safety of online companies are in jeopardy. Nobody knows when a DOS (Denial of Service) attack will cripple the entire system or when the entire database is wiped out. Things can go haywire in spite of stringent measures. And, this kind of online attacks is even carried out just for fun. A simple example will highlight the present condition of cyber security throughout the world.

A customer has a particular set of products in his cart waiting to checkout, scrutinizing the last minute changes. Once the payment is successful, the seller confirms that the products will be delivered within the next 24 hours. The hacker has already played his part in between. When the products are delivered the next day, the customer is shocked to find the irrelevant products. The hacker had changed the products in the cart. So the customer ordered something, and the online seller received something totally different. So, this customer will never visit the particular website again. And, the company gradually loses its customer base.

Control Measures and Accounting Information System Risk

Continuous and critical analysis and examination of business have led to the discovery of one fact: Risks in business cannot be nullified, they can only be minimized. While describing the various ways by which one could minimize risks and protect one’s business from threats, proper identification of the threats and its consequences must be clearly illustrated. After that, a company might resolve to a simple good risk management practice that includes contingency and vigilance arrangements or it might adhere to protective security measures in order to reduce the risk to a greater extent.

The following are some of the tried and tested risk management strategies to ensure the smooth running of a business:

Risk Assessment

Assessing the risk is the foremost job that must be undertaken because that would determine the necessary control procedures or security measures required to be implemented. A thorough examination of the available options must be performed in order to avoid investment in ineffective, expensive and unnecessary equipment. Careful planning can prove to be really instrumental in keeping the costs down. For example, introducing new changes at the time of building or refurbishment work may turn out to be profitable.

Planning

Planning is a two-step process. The first one is forecasting because planning foresees the future. Forecasting is all about estimation techniques based on some predefined methods and proper analysis. Estimating the demand, revenues and the risks priorly can cut down the potential threats. Predicting the amount of particular item that a customer will buy the next month requires some amount of skill and a lot of analyses. A lot of wastage can be saved, which in turn reflects in the base revenue. Planning is the best way to devise some strategies (and the backup plans) so that a structured way can be followed while managing a risk.

Adept Cyber Security

In the case of an online shopping website, the importance of cyber security increases manifold. Information security controls are the process, technical, policy and physical safeguards that are designed for the protection of sensitive data by mitigating the identified risks to its integrity, confidentiality and availability. Obtaining an excellent data security program that ensures control and management of identified data security risks is a must regardless of the type of online business. It will limit the organization’s vulnerability to data compromise and hence significantly influences operational, reputational, legal and strategic risks.

Prevention of Employee Theft

Preventing embezzlement or employee theft can be difficult at times. The first and foremost thing is to recognize the signs of warning and, therefore, implement an efficient internal system of controls. The term ‘embezzlement’ is a fancy way of describing that the employees are stealing from the company, and it is a common scenario, especially in online-based grocery stores. A few signs have been interpreted below as warning signs of embezzlement.

A fraudulent scheme is often covered up by atypical bad-debt write-offs. A decrement or little increase in credit or cash sale could indicate that a number of transactions have not been traced.
Concealments of accounts receivable payments can be done by increasing the overall sales returns.
Too many bounced company checks can be a result of funds that are siphoned out of the bank account.
Often embezzlement is masked aptly by slow collections.

Risk Insurance

In managing risk, insurance could act as a principle safeguard. And it must be noted that most risks are insurable. For any business occupying physical space, the first necessity is fire insurance. Product liability insurance comes next in the list. Some specialized insurance companies underwrite cash bond in order to provide monetary coverage in case of embezzlement, fraud and theft. The golden rule is to consider the worst case scenario while insuring against the potential risks.

As the business develops and evolves, the risks and threats associated with it emerges side by side. But sure enough there are ways to prevent them, insure them, and minimize the damage if not nullify them.

Conclusion

A business cannot exist without a particular set of risks. There’s nothing called a risk free business. It is never easy to run an online supermarket because there are lots of factors that are constantly changing, and so are the risks. Scheduled evaluation and efficient planning are the only way to keep a check on the dangling factors. No matter whatever the strategies are, they should be revised and updated from time to time ensuring an almost perfect way to mitigate the risks, and assure the consistent functioning of the business.

References

Dozier, W. John (2008, July 30). Legal: The Top Ten Risks For Online Businesses. Accounting information system risk.

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