The paper "New Insurance Coverages for the Small Businessmen" is an outstanding example of a management assignment. The article "New Insurance Coverages for the small businessmen" by James Nolan is both insightful and informative as it shows how the risk management and insurance schemes for small and medium-sized enterprises have evolved radically in ways that favor the enterprises, as more insurance companies are giving the better packages at less cost. The insurance companies have cut their prices in what seems like a vicious price war to attract more small businesses. Indeed, these form the main ideas of the article.
Clearly, the author's main argument is that When the small businesses and practicing professionals buy insurance through an association, they can overcome the rising cost, benefit from price stability through supplemented buying, and ultimately benefit from alternatives of risk-financing that may not be accessible to them when they buy the insurance independently. Nolan also argues that as part of their risk management efforts, small businesses should carry out product safety education programs and apply to implement sound business practices to preclude the possibility of suits. The article, therefore, has a multi-stakeholder perspective.
It was intended for a varied audience, such as insurance firms, underwriters, marketing, and planning practicing professionals, small businesses, researchers, risk managers, lawyers, insurance buyers, project managers, and students. By using direct quotes from some industry players with knowledge in the field of insurance, Nolan’ s article manages to be highly persuasive. In fact, his method of writing suits some stakeholders such as insurance firms and buyers to change their strategies for selling and buying insurance respectively. However, for researchers and students, this article is not very helpful, as it only provides a review of the changing trends. In fact, deeper scrutiny into the article word for word shows that the author’ s main purpose was just to offer an opinion on how insurance companies are competing to get the growing number of small businesses into their houses by offering more insurance packages at reduced costs.
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