Building Insurance and Investment Policy - Assignment Example

The paper "Building Insurance and Investment Policy" is a wonderful example of an assignment on finance and accounting. Liability especially in the third person is one thing that we wanted to avoid. In a retail business such as the Sands Supermarket, there are a lot of things that might cause the owner of the establishment legally liable and responsible for the misfortune of other people most likely the consumers who make use of the premises for their purchase. Moreover, buyers could not only be harmed by the physical hazard but also the harm which could be brought by the purchase of goods no longer suitable for consumption. Despite the good faith on the part of the store owner if such harm happened still the owner could be held liable.

In an establishment such as the Sands Supermarket, it is very important to have a friendly area for the young and old. There must be proper sorting and storage of unnecessary clutter which might possibly be the source of physical hazard to buyers and any legal battle could be downhill for anyone’s business.

Due to these reasons, it is very important to have insurance to pay for any liability that might arise. It is recommended for Sands Supermarket to have property insurance not only for the building but the contents as well. It is also recommended for big establishments like Sands Supermarket to have public and product liability insurance, business vehicle insurance, and workers compensation insurance.

ASSESSMENT ACTIVITY III

Description of Sands Supermarket

Joe Sand's medium-sized business is a wholesale and retailing store usually of various merchandise ranging from groceries, household equipment, and mini hardware. Sands Supermarket also offers online purchasing and delivers it with its 3 delivery trucks or through a courier whichever is applicable. For over 15 years of successful business, he employs about 100 personnel who are adequately paid and with other privileges and benefits. Mr. Sands value loyalty among his employees. The store building is concrete and solid with fire safety measures composed of fire extinguishers and a water hydrant just outside the rear entrance. Sands supermarket is where people in the place usually made their purchases because of its low prices.