NASCLA Contractors Guide Virginia, 8th
Ed Chapters 4 Managing Risk Questions
and answers
Why is managing risk important? - Correct Answers
✅important to your reputation and bottom line
-Lower business and liability insurance premiums
-Reduce chances of being sued
-Improve chances of prevailing in a lawsuit
What should supplement your risk management program? -
Correct Answers ✅Insurance. It provides protection against
unforeseen events and is sometimes required by law
What does property insurance typically cover? - Correct
Answers ✅insurance typically covers your business and
personal property when damage, theft, or loss occurs.
types of property insurance: All-risk builders' risk, named
peril builders' risk, inland . marine/equipment theft,
equipment floater, transportation floater, and motor truck
cargo
policies
What is the purpose of liability insurance? - Correct
Answers ✅designed to protect against third-party claims
that arise from alleged negligence resulting in bodily injury or
property damage
, NASCLA Contractors Guide Virginia, 8th
Ed Chapters 4 Managing Risk Questions
and answers
Name the types of liability insurance policies available -
Correct Answers ✅commercial general, umbrella, and
director's and officer's liability insurance
What is bundled under business owner policies? - Correct
Answers ✅Property and liability coverage
What is typically covered under auto insurance? - Correct
Answers ✅Liability and physical damage associated with
vehicles owned or leased by your company
What is typically covered under Burglary and Theft
Insurance? - Correct Answers ✅Loss or damage by
burglary, theft, larceny, robbery, forgery, fraud, and
vandalism
What insurance is designed to protect the continuing success
of the
business? - Correct Answers ✅Key Man Life Insurance: This
type of insurance is available as life insurance or disability
insurance, or both
-This type of coverage is beneficial if your company depends
on specific individuals
Ed Chapters 4 Managing Risk Questions
and answers
Why is managing risk important? - Correct Answers
✅important to your reputation and bottom line
-Lower business and liability insurance premiums
-Reduce chances of being sued
-Improve chances of prevailing in a lawsuit
What should supplement your risk management program? -
Correct Answers ✅Insurance. It provides protection against
unforeseen events and is sometimes required by law
What does property insurance typically cover? - Correct
Answers ✅insurance typically covers your business and
personal property when damage, theft, or loss occurs.
types of property insurance: All-risk builders' risk, named
peril builders' risk, inland . marine/equipment theft,
equipment floater, transportation floater, and motor truck
cargo
policies
What is the purpose of liability insurance? - Correct
Answers ✅designed to protect against third-party claims
that arise from alleged negligence resulting in bodily injury or
property damage
, NASCLA Contractors Guide Virginia, 8th
Ed Chapters 4 Managing Risk Questions
and answers
Name the types of liability insurance policies available -
Correct Answers ✅commercial general, umbrella, and
director's and officer's liability insurance
What is bundled under business owner policies? - Correct
Answers ✅Property and liability coverage
What is typically covered under auto insurance? - Correct
Answers ✅Liability and physical damage associated with
vehicles owned or leased by your company
What is typically covered under Burglary and Theft
Insurance? - Correct Answers ✅Loss or damage by
burglary, theft, larceny, robbery, forgery, fraud, and
vandalism
What insurance is designed to protect the continuing success
of the
business? - Correct Answers ✅Key Man Life Insurance: This
type of insurance is available as life insurance or disability
insurance, or both
-This type of coverage is beneficial if your company depends
on specific individuals
