Determination should include

identifying types of insurance related to doing business (e.g., product liability insurance, key person insurance, errors-and-omission insurance) and others that are related to employees (e.g., Federal Insurance Contributions Act [FICA], workers' compensation, life, health, accident, disability)
estimating cost for type(s) of insurance, based on research
locating an insurance carrier
evaluating policies.

Process/Skill Questions:

What types of insurance are mandatory for companies with employees?
Why is it important to understand the insurance needs of one's business before talking with an insurance agent?
Why is it important to take care in selecting the right insurance carrier?
What are the risks associated with retailing businesses? Manufacturing businesses? Construction businesses?
What are the characteristics of an effective insurance agent?
How can a business owner determine the proper amount of insurance coverage for the business?
How do changes in insurance coverage affect the financial status of the business?
What is the importance of continually evaluating one's policy?
What resources does the National Federation of Independent Business (NFIB) provide for small business owners?

Teacher Resource: