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Pages:
3 pages/≈825 words
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Style:
APA
Subject:
Health, Medicine, Nursing
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Essay
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English (U.S.)
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Topic:

Assessing and Mitigating Risk

Essay Instructions:
Assume that Quentin and Clayton's business has already applied for insurance coverage for their business. Typically, an insurance underwriter is going to have follow-up questions that help them assess risk and determine the specific terms of the coverage or if they are willing to work with the potential client at all. For this assignment, you are going to put yourself into the role of the insurance underwriter that is part of a small team working on this application. Develop a list of questions that will allow the insurance provider to evaluate whether Quentin and Clayton's company is taking sufficient precautions to guard against the biggest insurance risks. For example, at the grow location you need to understand generally what security measures are in place to prevent theft and diversion (theft by employees). For transportation you likely would need to know about driver reliability and the vehicles they use. Based on what we know about the business, you know that they will need insurance that covers at least the following aspects of their business: Cultivation Manufacturing (extraction and refinement) Retail Online ordering (curbside, pickup, and delivery) Delivery and other transportation Advertising You should be able to cover the most critical risk categories in 3-5 well-crafted questions for each category. Following your questions, in a page or two, explain why the questions were chosen, why you need to focus on a specific category, and what the risks are of not asking the right questions.
Essay Sample Content Preview:
Assessing and Mitigating Risk Author’s Name Institutional Affiliation Course Code and Name Professor’s Name Date Assessing and Mitigating Risk Quentin and Clayton's fully integrated cannabis business includes cultivation, extraction, refinement, retail operations, and online ordering with curbside pickup and delivery. Combined with their over a decade years of experience in the cannabis industry, they are building a partnership to develop new products. However, the prior busts of the law they have been in might be a problem for insurance underwriters. Nevertheless, with the company pursuing to enter the cannabis industry and operate legally, it is first required to measure and mitigate systemic risks for proper insurance coverage. Cultivation 1. What protection measures are in place at the farm and greenhouse against worker theft and diversion of cannabis products? 2. How are the personnel educated to manage and keep pesticides and other hazardous substances used in cultivation? 3. Has the business enterprise applied secure handling and storage protocols to future unintended fires or crop water damage? 4. Are proper regulatory compliance measures in place to ensure adherence to state laws? Manufacturing (Extraction and Refinement) 1. How are hazardous materials, such as butane or alcohol, dealt with and stored during extraction? 2. Are protection protocols in place to prevent accidents or injuries during the extraction and refinement process? 3. Does the enterprise have a contingency plan in case of a chemical spill or a different emergency scenario at the facility? 4. How is the quality of the final product ensured? Retail 1. Are there security measures in location to prevent theft or robberies at the retail dispensary (Polinkevych et al., 2021)? 2. How is the quality and security of the merchandise offered at the dispensary ensured, and what measures are in location to forestall illness or different risks? 3. Are there any protocols in location for dealing with clients who may be under the impact or disruptive at the dispensary? 4. What measures are taken to stop underage people from buying cannabis merchandise at the dispensary? Online ordering (curbside, pickup, and delivery) 1. How is the online ordering system secured to defend customer information and prevent cyber-attacks? 2. Are there any protocols for verifying the age and identification of clients who place online orders for pickup or delivery? 3. How are merchandise safely and securely transported from the dispensary to the c...
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