Question

What is the relationship between insurance and successful financial management? Why is insurance important?

Answer 1

$\pink{\boxed{{\colorbox{white}{Answer}}}}$

Insurance is an important aspect of risk management in business. Insurance is related to successful financial management because when a business is insured, it can weather times of loss and unforeseen occurrences without losing its strength. Insurance is important because it helps businesses to mitigate loss.

• Insurance is an aspect of risk management in business where a policyholder pays an agreed sum to the insurer, with the intent of lightening any unforeseen losses they may encounter in the future.

• Insurance is important because businesses come with risks that could be sudden and unexpected.

• The pool of funds generated by the insurance company from other insurers will be used to attenuate the loss that the business will face.

• Conclusively, if businesses will thrive for a long time, insurance is very beneficial.

Learn more here:

brainly.com/question/13769098

$\pink{\boxed{{\colorbox{white}{ - \:MsTiyana}}}}$