Mind Your Business - 8 October 2008

Questions

1. Explain the importance to a business of taking out appropriate insurance when setting up (4 marks)
2. To what extent does having adequate insurance cover guarantee the success of a new business start-up? (14 marks)
3. Richard Branson has had to take out "third party insurance cover for everyone living within four-and-a-half miles of the proposed spaceport in New Mexico". Explain what this means and analyse the reasons why this was necessary for the Virgin Galactic project to get approval (8 marks)
4. Evaluate the problems facing a small business just starting up in getting adequate insurance cover and those of a large organisation like Sir Richard Branson’s Virgin Galactic group (14 marks)

Total marks = 40