Credit and Insurance Instructions After reading the required

Credit and Insurance

Instructions

After reading the required resources, answer the following questions:

What steps could you take to improve your credit worthiness? (Chapter 15)

Some businesses sell products and services that can injure customers. List three (3) examples and explain how these companies probably use their insurance. (Chapter 16)

Word count requirement: A minimum of 100 words is required for this discussion.

Book: Entrepreneurship and Small Business Management, 1/e Vitalsource eBook for Florida Technical College

Author: Steve Mariotti Car

Solution

Steps you can take to improve creditworthiness:

1. Make regular payments on your credit card bills

2. Reduce your overall debt - of all forms like vehicle, home, education, etc.

3. Do not open multiple credit card accounts over a short period

4. Check your credit score regularly and always try to keep it as high as possible

5. Be patient and continue working to build your credit history and take control

Examples of business that sell products that can injure customers

1. Cigarettes and E-cigarette business - They sell cigarette which are injurious to health

2. A potential joy ride in an amusement park that can go wrong

3. A restaurant selling fatty foods that can cause health problems to customer on the long run

These can be eliminated through a professional liability insurance to cover harm that is caused by mistakes or failure to perform on the part of the business,