In light of the accounting and budgeting systems we have studied this week, consider how business risks, performance, and decision-making are or may be affected by the legal aspects; responsibilities, including risks associated with property (real, personal, or mixed, Ch. 48 through 50 in our text); insurance (Ch. 51 in our text); and environmental issues (Ch. 46 in our text), discuss property ownership and environmental risks in business, and how insurance may be used to mitigate or absorb them. How should a business assess environmental risks associated with property ownership? What steps should it take to ensure a complete consideration of those risks?

Property ownership can be acquired and can be divided into three categories real, personal and intellectual. There are a few...