Question 1: Do you agree that the type of customer to whom the Amigo Company sells should influence Thieme’s decision regarding insurance?
I absolutely agree that the customer should come into mind when consider the insurance. Anytime you can make the customer happy, it will make your business stronger in the long run. Without customer loyalty and support, the thought of growing will not happen. Besides, in the given target audience, it would be good to have a solid insurance plans to help in cases such as the one they are going through right now.
Question 2: In what way, if any, should the outcome of the current litigation affect Thieme’s decision about renewing the company’s insurance coverage?
The current litigation should have a huge effect on Thieme’s decision. When dealing with the product that the company is producing, it is always nice to have some type of insurance as a backup. Not only will it make the customer feel better going in to buying the product but also the business owners in the sense that they have some type of protection.
Question 3: What options does Amigo have if it drops all insurance coverage? What is your recommendation?
If Amigo drops all insurance coverage, then money needs to start being saved to have a lawyer on retainer or money needs to be set aside for future lawsuits. A business such as Amigo’s will always have a possibility of some legal troubles, and considering that the insurance should stay. Though money will be going into those insurance accounts every month the feeling of safety will make it for it. One suggestion though would be to read the small print of what your insurance actually covers. A lot of times you buy something thing you are fully protected, but in reality, what you thought you were protected on isn’t in the plan at all. I personally have had this happen to me, and I will never make this mistake again! Thank you, and have a good day