Insurance Report
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ACKNOWLEDGEMENTFirst of all we would like to give thanks to the Almighty on His bounty we can also prepare a proposal business plan successfully. Even during the making of this business plan, we encountered many difficulties and hardships but with the blessings given by Allah Almighty our business plan successfully completed. Also of help and advices that does not cease to be infinite.Gazillions thanks to our beloved lecturer Miss SitiNurhafizah Binti Adam Suboh. The one who never feels tired of the hassle entertain us during the class time, consultation period until the time of our presentation day. My thanks also go to my fellow friends who do not stop to help and support each other. To overcome many difficulties in making this business plan. Finally, we also like to give thanks to our family members for giving moral and physical support to us.[pic 1]TABLE OF CONTENTTITLEPAGE1.0 ACKNOWLEDGEMENT32.0 TABLE OF CONTENT43.0 INTRODUCTION54.0 BACKGROUND OF COMPANY65.0 CONTENT7-136.0 CONCLUSION147.0 REFERENCES158.0 APPENDICES16INTRODUCTIONIn one form or another, we all own insurance. Whether its auto, medical, liability, disability or life, insurance serves as an excellent risk-management and wealth-preservation tool. Having the right kind of insurance is a critical component of any good financial plan. Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium. Insurance provide protection for yourself, your investment and your business. Insurance gives you peace of mind and if anything happens to you, your family or your business that you will be financially secure. In some cases insurance is required by law, however there are policies that, though not mandatory to have, do give you necessary protections should you suffer a financial loss. The types of the insurance policies in Malaysia are life and health insurance, and general insurance. In general insurance have four major types which is fire insurance, motor insurance, marine insurance and liability insurance. Life and health insurance is also one form of risk transfer mechanism since we transfer the risk to the insurer and make responsible to pay claims in the event of certain perils. General insurance is also providing protection against unforeseeable contingencies like damage and loss of the asset.BACKGROUND OF COMPANYThe basic information about our company are as follows:Name of the company : VC EnterpriseBusiness Address : Lot 32589, Kawasan Perusahaan Bukit Serdang, 43300 Seri Kembangan, Selangor Darul EhsanContact Number : +603-22412802 (Office); +6012-9045676 (HP); +603-22418202 (Fax)E-mail :[email protected] : www.vc.com.myForm of Business : Partnership
Main Activity : Producing vinegar based cleaning solutionDate of Commencement : 1st April 2015Date of Registration : 31st December 2014Registration Number : 877888-ZName of Bank : Maybank BerhadBank Account Number : 114496149728 (Current Account)CONTENTRISK MANAGEMENT PROCESSRisk management demands an going process, which can be divided into a series of individual steps that need to be implemented in order to manage risks. The risk management process involves the following steps:STEP 1: IDENTIFYING EXISTING AND POTENTIAL RISKS.Risk identification is the process by which an organization is able to learn of the areas in which it is to risk exposed.Peril, hazard and loss that may occur to VC Enterprise:VC Enterprise has the duty to make the product as safe as possible. If the company cannot do so, he has the obligation to adequately warn users and buyers of the dangers that exist. The concept of a reasonably safe product extends to all dangers likely to arise when the product is being used normally or in a way that can be anticipated, even if it is not the purpose for which it was sold. In some instances, a defect might not be inherent in the product, but a consumer should be aware that care is needed. An average adult need not be warned that vinegar can use at certain product only. A consumer who ignores hazards will not succeed in an action alleging product liability. However, many manufacturers print warnings about common-sense hazards to provide added protection from a lawsuit.Traditionally, an individual must be at least as careful as a reasonably careful person. Increasing recognition has been given, however, to a more realistic standard—the occasionally careless consumer. Courts are now less interested in how obvious a danger is and more concerned with discovering how serious the risk is and how readily it could have been avoided.A consumer who clearly misuses a product cannot recover if an injury results. For example, a person who disregards a printed warning that vinegar can use at certain product cannot blame our company for making an imperfect product if he or she ingests it. In addition, the consumer is precluded from recovery if he or she continues to use a product that is obviously dangerous. The theory is that the consumer has assumed the risk. This rule applies, however, only to obvious defects and does not establish a duty for consumers to scrutinize every product they purchase.