General principles used in technical analysis Before considering technical methods based on mathematics, it is necessary to dwell on the basic principles of technical analysis, using the terminology and definitions already introduced in previous chapters. AT

3.1.1. General principles The basic accounting principles for entrepreneurs to follow when keeping a ledger are completeness, continuity and fairness. This means that all income and expenses must be recorded in the ledger without exception and without gaps in time,

3.2.1. General principles Entrepreneurs using the simplified tax system keep a book of income and expenses, in which, in chronological order, on the basis of primary documents, in a positional way, they reflect all business transactions for the reporting or tax

In modern economic conditions, an enterprise independently solves the main issues of its production activities: organizes a business, selects partners, ensures the safety of material and financial resources, chooses ways to overcome and minimize the risks inevitable in entrepreneurship.

For Russian enterprises, regardless of their form of ownership and areas of activity, the following risks are most typical:

Possible loss (destruction), shortage or damage to fixed or working capital of the enterprise;

The emergence of civil liability of the enterprise for obligations arising from damage to life, health and property of third parties or the environment;

Possible losses or failure to receive the expected profit due to changes in the operating conditions of the enterprise due to circumstances beyond its control;

Violations of their obligations by contractors, partners, etc.

Moreover, insurance of the first of the listed risks is quite fully represented on the Russian insurance market, but insurance of the risk of violation of their obligations by counterparties and partners has long been only declared by insurance companies, despite the huge demand for this product.

The consequences of entrepreneurial risks, as a rule, are inevitable financial losses that can disrupt any, even a well-balanced budget of an enterprise, and sometimes can become disastrous for a business.

The weak development of business risk insurance is explained by the fact that at the dawn of the development of the Russian insurance market, insurance companies did not have either sufficient financial strength or the necessary work experience.

Over the years of market economy development, large, financially stable insurance companies have been formed, which successfully passed the crisis situations in the country.

Thus, today enterprises of different levels and fields of activity have the opportunity to minimize the financial losses of the organization directly related to entrepreneurial activity.

In my research work, I will try to consider all the main aspects of business risk insurance, highlight the legal basis for this issue, show the interaction between the insured and the insurer, and classify business risks based on their nature and legal acts.

1. The concept of risk in entrepreneurship

There is no business without risk. In a market economy, the greatest profit, as a rule, is brought by market operations with increased risk.
Entrepreneurial risk is understood as the risk arising from any type of activity related to the production of products, goods, services, their sale, commodity-money and financial transactions, commerce, the implementation of socio-economic and scientific and technical projects. In the types of activities under consideration, one has to deal with the use of material, labor, financial, information (intellectual) resources, so the risk is associated with the threat of complete or partial loss of these resources. As a result, entrepreneurial risk is characterized as the danger of a potentially possible, probable loss of resources or a shortfall in income compared to an option designed for the rational use of resources in this type of entrepreneurial activity. In other words, the risk is the threat that the entrepreneur will incur losses in the form of additional expenses in excess of those provided for by the forecast, the program of his actions, or will receive income below those he expected.
When establishing entrepreneurial risk, it is necessary to distinguish between the concepts of "expense", "losses", "losses". Any entrepreneurial activity is inevitably associated with costs, while losses occur due to unfavorable circumstances, miscalculations and represent additional expenses in excess of those planned. The foregoing characterizes the category of "risk" from a qualitative point of view, but also creates the basis for translating the concept of "entrepreneurial risk" into a quantitative one. If risk is the danger of loss of resources or income, then there is its quantitative measure, determined by the absolute or relative level of losses.

In absolute terms, the risk can be determined by the amount of possible losses in material (physical) or cost (monetary) terms, if only the damage can be measured in such a way. In relative terms, risk is characterized as the amount of possible losses related to a certain base, in the form of which it is most convenient to take either the entrepreneur's property status, or the total cost of resources for this type of entrepreneurial activity, or the expected income (profit) from entrepreneurship.

With regard to an enterprise, it is advisable to take the value of fixed assets and working capital of an enterprise or the planned total costs for a given type of business activity as a basis for determining the relative magnitude of risk, bearing in mind both current costs and capital investments or estimated income (profit). The choice of one base or another is not of fundamental importance, but an indicator determined with a high degree of reliability should be preferred.

The basic indicators used for comparison are usually called calculated or expected indicators of profit, costs, and revenue. The values ​​of these indicators are determined during the development of a business plan, in the process of a feasibility study of an entrepreneurial project, transaction. Accordingly, losses are considered to be a decrease in profit, income in comparison with expected values. Entrepreneurial losses are primarily an accidental reduction in entrepreneurial profits. The magnitude of these losses characterizes the degree of risk. Hence, risk analysis is associated primarily with the study of losses.
The central place in the assessment of entrepreneurial risk is occupied by the analysis and forecasting of possible losses of resources in the course of entrepreneurial activity. This does not mean the expenditure of resources, objectively determined by the nature and scale of entrepreneurial actions, but random, unforeseen, but potentially possible losses arising from the deviation of the real course of entrepreneurship from the planned scenario. In order to assess the probability of certain losses due to the development of events according to an unforeseen option, one should first of all know all types of losses associated with entrepreneurship, and be able to calculate them in advance and measure them as probable forecast values. At the same time, it is natural to want to quantify each type of loss and be able to bring them together, which, unfortunately, is not always possible to do.

A random development of events that affects the course and results of entrepreneurship can lead not only to losses in the form of increased resource costs and a decrease in the final result. One and the same random event can cause an increase in the costs of one type of resource and a decrease in the costs of this type, i.e., along with the increased costs of some resources, savings of others can be observed. Hence, if a random event has a double impact on the final results of entrepreneurship, has adverse and favorable consequences, both should be equally considered in risk assessment. In other words, when determining the possible total losses, the accompanying gain should be subtracted from the calculated losses.

It is advisable to divide the losses that may be in entrepreneurial activity into material, labor, financial, time losses, and special types of losses. Material types of losses are manifested in additional costs not provided for by the entrepreneurial project or direct losses of equipment, property, products, raw materials, energy, etc. In relation to each individual of the listed types of losses, their own units of measurement are applicable.

It is most natural to measure material losses in the same units in which the amount of a given type of material resources is measured, i.e., in physical units of weight, volume, area, etc. However, it is not possible to bring together losses measured in different units and express them in one value. seems possible. You can not add kilograms and meters. Therefore, it is almost inevitable to calculate losses in value terms, in monetary units. To do this, losses in the physical dimension are converted into a cost dimension by multiplying by the unit price of the corresponding material resource. For a sufficiently significant amount of material resources, the cost of which is known in advance, the losses can immediately be estimated in monetary terms. Having an estimate of the probable losses for each of the individual types of material resources in terms of value, you can bring them together, while observing the rules for dealing with random variables and their probabilities.

Labor losses represent the loss of working time caused by unforeseen circumstances. In direct measurement, labor losses are expressed in man-hours, man-days, or simply hours of working time. The translation of labor losses into value, monetary terms is carried out by multiplying labor hours by the cost (price) of one hour.

Financial losses are direct monetary losses associated with unforeseen payments, payment of fines, payment of additional taxes, loss of funds and securities. In addition, financial losses can be in case of shortfall or non-receipt of money from the provided sources, in case of non-repayment of debts, non-payment by the buyer of the products delivered to him.

Entrepreneurial activity and insurance are closely interrelated categories of the market economy. The purpose of entrepreneurial activity is to make a profit, increase the capital invested in the business.

Effective entrepreneurial activity is unthinkable without the development of new technology, without reasonable risk in search of additional reserves for intensifying production. Now let's note another aspect of the relationship between entrepreneurship and insurance. Insurance in a market economy itself acts as a sphere of commercial activity. Taking responsibility for certain risks, the insurer first of all thinks about what the concluded contract will give him. As an entrepreneur acting at his own risk, he does not take on those types of insurance in which the likelihood of adverse events is especially high. That is why many objects of increased danger become the subject of mutual insurance on a commercial basis.

As the market economy develops in Russia, entrepreneurs increasingly understand the significance of this mechanism and gradually expand the list of risks that can be transferred to an insurance company, or use other methods of protection against risks arising in the course of their activities. A variety of entrepreneurial risks are commercial and financial risks. It should be said that this division is very conditional, and in insurance, "financial risks" mean both the first and the second at the same time. "Financial risk" in the narrow sense of the word means the risk of unexpected expenses for non-profit organizations and individuals in the course of carrying out any activity or concluding single transactions that are not aimed at systematic profit. Let us dwell in more detail on the classification of these risks and analyze the possibilities of insuring business risks.

2. The concept of business risk insurance

The very concept of entrepreneurial activity implies that it is carried out at your own peril and risk (paragraph 3, clause 1, article 2 of the Civil Code of the Russian Federation). Thus, the risk of loss, non-return of funds invested in the case is inextricably linked with the very nature of civil law relations based on the autonomy of will, equality and property independence of their participants. At the same time, we can say with confidence that it is almost impossible to foresee all the surprises that could entail the risk of losses or failure to receive the intended profit, which means that sooner or later any entrepreneur may face the problem of financial losses associated with the riskiness of this type of activity. Under such conditions, business risk insurance is one of the ways to protect against non-profit or incurring losses when doing business, along with property insurance, civil liability and other types of insurance.

Business risk insurance is one of the types of property insurance. In accordance with the general rules (Article 929 of the Civil Code of the Russian Federation), under a property insurance contract, one party (the insurer) undertakes, for the fee (insurance premium) stipulated by the contract, upon the occurrence of an event (insurance event) provided for in the contract, to compensate the other party (the insured) for the losses caused as a result of this event in the insured property or losses in connection with other property interests of the insured (to pay insurance compensation) within the amount specified by the contract (sum insured). A feature of the business risk insurance contract is that only the business risk of the insured himself and only in his favor can be insured. The business risk insurance contract of a person who is not a policyholder is void, and concluded in favor of a person who is not a policyholder, it is considered concluded in favor of the policyholder.

2.1 Who can become an insured

First of all, the insured under the business risk insurance contract must be registered in the prescribed manner and have the right to carry out entrepreneurial activities. It can be a citizen registered as an entrepreneur, a commercial organization or a non-commercial organization engaged in entrepreneurial activities to achieve its statutory goals. In addition, the policyholder must have a license if the activity carried out by him is subject to licensing.

2.2 Business risk insurance objects

The objects of insurance of entrepreneurial risks may be the property interests of the insurers associated with their entrepreneurial activities. Thus, the mentioned Article 929 of the Civil Code refers to entrepreneurial risks a breach of obligations by an entrepreneur's counterparty or a change in the conditions of the entrepreneur's activities for reasons beyond his control.

Article 9 of the Law of the Russian Federation "On the organization of insurance business in the Russian Federation" establishes that the insured risk is an expected event, in the event of which insurance is carried out. In this case, the specified event must have signs of probability and randomness of its occurrence. This rule also applies to business risks. Thus, in respect of a breach of an obligation by its counterparty, the entrepreneur must be in good faith ignorance. In accordance with this, the entrepreneurial risk of the seller when selling goods to a person whose solvency is doubtful cannot be insured. In the same way, a change in the conditions of activity should be of an accidental nature for the entrepreneur, that is, he should be in good faith unaware of this change.

Sum insured cannot exceed the actual value (insurance value) of the entrepreneurial risk. Such value shall be business losses that the Insured would be expected to incur in the event of an insured event, and which consist of:

Expenses that the Insured has made or will have to make in case of violation of his right to restore it (actual damage);

Lost income that the Policyholder must receive under normal conditions of civil turnover.

Insurance rates depend on the type of activity of the entrepreneur, the period of insurance, the volume of products (services rendered) and the nature of the insurance risk.

3. Legislative framework for business risk insurance

3.1 Legal basis for business risk insurance

The definition of entrepreneurial risks is contained in Article 929 of the Civil Code of the Russian Federation. These include: the risk of losses associated with downtime; the risk of losses due to violation of their obligations by counterparties of the enterprise; risk associated with shortfall in expected income.

Business risk insurance should be distinguished from liability insurance for non-performance or improper performance of contractual obligations. Liability insurance is regulated by Article 932 of the Civil Code of the Russian Federation. Compensation under such an insurance contract is received by a person who has suffered damage as a result of the actions of the insured company.

As a rule, losses are estimated at the time of their occurrence (or, as lawyers say, "with the onset of an insured event"). The contract establishes the limit of insurance liability. This means that the insurance company can pay no more than a certain amount of money as compensation. The insurance company is liable only for those risks that are clearly defined in the contract.

However, part of the losses is still covered by the enterprise. The volume of his participation in covering losses is determined by the contract. This condition is called a franchise. Its use reduces the cost of insurance for the company. If an unconditional deductible is specified in the contract, then the difference between the amounts of damage and deductible is reimbursed to the enterprise.

3.2 Commentary on Article 933 of the Civil Code of the Russian Federation

Article 933 of the Civil Code of the Russian Federation states:

Under a business risk insurance contract, business risk can only be insured by the insured himself and only in his favor.

The business risk insurance contract of a person who is not a policyholder is void. A business risk insurance contract in favor of a person who is not the policyholder is considered to be concluded in favor of the policyholder.

Comment:

1. Interest insured as a complex business risk, i.e. includes all the components of insured losses - both real damage and lost profits and liability (see commentary to Art. 929), but it is distinguished from other types of interests by the fact that it arises in connection with the conduct of entrepreneurial activities by the person concerned (Art. 2 GK).

A person who conducts business activities must register in this capacity in accordance with the procedure established by law (Article 2 of the Civil Code). Those. the policyholder in such an agreement can be either a citizen who has registered as an individual entrepreneur, or a commercial organization, or a non-profit organization that conducts entrepreneurial activities to achieve its statutory goals (paragraph two, clause 3, article 50 of the Civil Code). Nevertheless, in fact, entrepreneurial activities are also carried out by citizens who have not registered as an individual entrepreneur and non-profit organizations for other purposes than specified in their charter. Interest in obtaining benefits in this case is contrary to legal norms and therefore illegal (clause 1 of article 928 of the Civil Code).

2. Entrepreneurial risk insurance is provided either in the event of a breach of obligations by the counterparty of the entrepreneur, or in the event of a change in the conditions of the entrepreneur's activities for reasons beyond his control. Since this refers to systematic activity aimed at extracting profit (Article 2 of the Civil Code), then the change in the conditions of activity should be systematic. Those. under a business risk insurance contract, for example, lost profits due to an accidental one-time loss of cargo cannot be insured, but only because of such a change in the conditions under which cases of loss of cargo have steadily increased. This, however, does not mean that under a business risk insurance contract, lost profits due to a one-time loss of cargo due to breach of obligations by counterparties cannot be insured. It also does not mean that lost profits cannot be insured under a cargo insurance contract, as described in paragraph 7 of Appendix 2 to the License Terms.

A change in the conditions of activity should be random for the entrepreneur, i.e. he must be in good faith unaware of this change (see the commentary to Article 9 of the Insurance Law). For example, an entrepreneurial risk cannot be insured due to the fact that an entrepreneur has transferred his activity to another region.

The entrepreneur must also be in good faith unaware of a breach of obligation by his counterparty. For example, the entrepreneurial risk of the seller cannot be insured when selling goods to a person whose solvency is doubtful, since the seller almost always has a real opportunity to obtain information about the solvency of the buyer or, in the absence of such information, not to conclude a sales contract.

3. Neither a beneficiary nor an insured person may be appointed in a business risk insurance contract. However, the consequences of breaking these two rules are different. When appointing a beneficiary in the contract, only this condition of the contract is void, and the remaining terms of the contract remain in force. When an insured person is appointed in the contract, the entire contract becomes null and void.

4. Under the business risk insurance contract, not only financial risk is insured, but also other losses - damage to property and liability. Therefore, persons conducting entrepreneurial activities can choose in what legal form they insure their property - in the form of property insurance (Article 930 of the Civil Code) or in the form of business risk insurance, and depending on this choice, regulatory regulation will be different. It is the same with the responsibility of the entrepreneur. A good example is environmental insurance against increased environmental regulations. If it is carried out as an entrepreneur's liability insurance for causing harm, then the beneficiary is the victim, and it can be carried out in the form of business risk insurance only in favor of the insured himself.

Thus, by singling out business risk insurance as a separate type of insurance and establishing special rules for it, the legislator introduced various regulation of the relations that actually arise, not depending on the content of these relations, but depending on the legal form in which they are clothed. This difference is, of course, legal, since it was introduced by the legislator in the prescribed manner, but it can hardly be recognized as legitimate, i.e. not only legal, but also corresponding to the basic principles of legal regulation of social relations.

4. Classification of business risks

The risk of losses from entrepreneurial activities due to violation of their obligations by counterparties of the entrepreneur or changes in the conditions of this activity due to circumstances beyond the control of the entrepreneur, including the risk of not receiving the expected income - entrepreneurial risk

4.1 Downtime insurance

(breaks in business activities)

Obviously, one of the main conditions for the successful commercial activity of an organization is the continuity of the process of production or sale of goods and services. Downtime can be caused by completely different reasons - fires, equipment breakdowns, and other extreme situations. In such cases, in addition to direct damage, the enterprise often also incurs indirect losses in the form of lost profits, lack of income to cover expenses, unplanned costs for resuming operations, etc. In this case, often indirect losses far exceed the amount of direct damage. Thus, given that property insurance contracts provide for insurance payments only for direct damage, indirect loss insurance is of particular importance.

So, business interruption insurance is aimed at compensating enterprises for losses incurred due to the inability to carry out their activities in connection with the occurrence of events stipulated by the insurance contract. Downtime insurance is closely related to property insurance, so one contract is often concluded in addition to another.

The most famous is insurance in case of downtime as a result of fire and other extreme events - natural disasters, accidents with the water supply system, explosions. In addition, the risks of breakdowns of equipment and machinery are often insured, the failure of which can cause significant damage to the enterprise. Increasingly relevant is insurance against interruptions due to breakdowns of electronic equipment. It provides compensation for damage from downtime in the operation of communication equipment, other high-tech electrical installations due to destruction, damage, exposure to water, illegal actions of third parties and other unforeseen events. Such insurance is especially important for organizations that widely use and use automated control systems, computer networks and other high-tech equipment.

In addition, there are insurance contracts in case of downtime associated with a disruption in the supply of electricity and water as a result of unforeseen events that occurred at supplying enterprises. This type of insurance can also be used during construction - in case the company does not receive the expected profit as a result of violation of the deadlines for completion of work associated with the onset of events specified in the contract that caused damage or loss of property.

Another variety is insurance contracts for temporary profits and insurance against loss of income as a result of changes in market conditions. In this case, insurance protection is provided in case of losses incurred due to the fact that the insured, due to the occurrence of an insured event, could not ensure the supply of products or the provision of services in the period when, as a result of changes in market conditions, the demand for these products (services) was maximum.

When insuring against downtime, the insurance company pays compensation if the following condition exists: an insured event, provided for in the insurance contract, caused the destruction or damage to property, as a result of which it became unsuitable for its intended use, which, in turn, led to a break in economic activity.

Losses indemnified by the insurer under the downtime insurance contract consist of three parts:

• expenses that, due to the occurrence of an insured event, remain uncovered (interest on funds raised, aimed at carrying out activities in respect of which an insurance contract was concluded; rent for premises and equipment; wages of the insured's employees, etc.);
• lost profit not received in connection with the occurrence of an insured event;
• costs to reduce losses from downtime (these include the costs that the organization incurs in order to avoid stopping activities and not lose customers and customers - the costs of transferring work to other organizations; wages paid to the employees of the insured for overtime work; expenses for urgent repairs, etc. .P.). At the same time, costs are not subject to reimbursement, as a result of which the insured receives any benefit - for example, modernizes production.

When insuring against downtime, the liability of the insurance company is limited to the warranty period - the maximum period of interruption of the economic activity of the insured, for losses from which the insurer is liable. It should be noted that in practice a distinction is made between full insurance against interruptions and insurance against basic losses. In the first case, downtime is considered completed when the enterprise not only restored the means of production, but also entered the normal mode of operation (say, restoring its position in the market), starting to receive a profit equal to or greater than that which it received before the insured event. If we are talking about insurance against major losses, then in this case, the period of liability of the insurance company is limited only to the period of restoration of the production itself.

It should be noted that for this type of insurance, the conclusion of an agreement is preceded by a detailed study of the enterprise's activities by the insurer's specialists in order to determine the risk of an insured event, and the tariff rates are determined individually, taking into account the operating conditions of the enterprise, the characteristics of the equipment, the availability of after-sales service, the possibility of an early restoration of activities, etc.

4.2 Insurance of risks associated with breach of contractual obligations by counterparties (commercial credit insurance)

In the event that, under the terms of the contract, payment for the goods or services is made after shipment (that is, the supplier provides a commercial loan), there is always a risk for the supplier of non-payment by the buyer. Banks take the same risk when they lend. In both cases, the repayment of the loan on time in the event of the debtor's insolvency or non-payment of the debt for other reasons is intended to guarantee credit insurance. By the nature of risks, credit insurance against economic (commercial) and political risks is distinguished. At the same time, economic risks, in particular, include the bankruptcy of the buyer, his refusal to make a payment, and non-payment of the debt on time. Insurance against economic risks is carried out both when concluding transactions within the country and in foreign trade operations. At the same time, insurance against political risks is applied, as a rule, only in the implementation of foreign economic transactions. This category of risks includes events of a political nature - wars, strikes, change of political regime, etc.

One of the most common types of credit insurance against economic risks is non-payment risk insurance, which provides insurance protection in case of non-payment of debts formed due to non-payment by the buyer of the goods delivered or the services provided. The insurance contract is concluded before the goods are sent to the buyer, and the insurance cover begins to operate after the buyer accepts the goods and issues an invoice. As with downtime insurance, tariff rates are set separately for each contract, taking into account the totality of circumstances and the degree of risk. Given that insurers have extensive information about the solvency of debtors, they manage to prevent a significant part of the losses. In addition, these data are the basis for resolving the issue not only of the amount of insurance rates, but also of the very possibility of concluding a specific contract.

When concluding a contract, a deductible is often established so that the insured does not lose interest in the timely payment by the buyer of goods or services. As a rule, its size is 20-30% of the damage. The establishment of a deductible means that in the event of an insured event, part of the damage will not be reimbursed by the insurer, so the insured will have to be careful in choosing counterparties and take measures aimed at fulfilling their contractual obligations. As a rule, when establishing a deductible, it is not allowed to insure the uncovered part of the damage in other insurance companies.

The conclusion of an insurance contract imposes on the policyholder a wide range of obligations, the violation of which may lead to the termination of the contract and the insurer's refusal to pay insurance compensation in the event of an insured event. For example, the policyholder is obliged to provide the insurance company with the opportunity to familiarize themselves with all documents related to the implementation of insured operations, which, in turn, has the right to verify the accuracy of the information provided by the policyholder and monitor the fulfillment of its obligations. If the insured refuses to provide the specified information or if the insured opposes the inspection, the insurer has the right to terminate the contract. The reason for termination of the contract may also be a violation by the policyholder of the obligation to immediately inform the insurer of significant changes in circumstances that have become known to him, which may significantly affect the increase in insurance risk (paragraph 1 of Article 959 of the Civil Code).

Upon the occurrence of an insured event, the policyholder must provide the insurer with evidence that he has fulfilled all his obligations towards his counterparty and now has the right to demand payment from him. It should be emphasized that the insured's violation of the terms of the supply contract, the lack of necessary supporting documents, the non-compliance of the contract with the requirements of the law are grounds for refusing to pay insurance compensation.

After the payment of the insurance indemnity, the insurance company, in accordance with the provisions of Article 965 of the Civil Code, transfers the right to claim from the debtor or other person within the amount paid to the insured. At the same time, the insured is obliged to transfer to the insurer all documents and evidence and to inform him of all the information necessary for the insurer to exercise the right of claim that has passed to him.

In addition, it should be remembered that the company is obliged to inform its insurance company about any event that may increase the degree of insurance risk. This may be, for example, a request by the debtor to change the terms of payments. The insurance company has the full right to terminate the insurance contract if it considers that the degree of risk has increased significantly. At the same time, the insurance company can check how accurate the information provided to it is.

Conclusion

Business risk insurance, like insurance in general, is an indicator of the economic stability of the state. Despite the fact that this type of insurance in Russia has not yet become as widespread as in other developed countries, it is important to note its demand in the Russian market and express the hope that in the future it, like other types of insurance, will be used everywhere.

List of used literature

1. Ageev P.P. - Insurance: theory, practice and foreign experience - M.: 1998
2. Altynnikova Inna - magazine "Glavbuh", No. 6, 2001
3. Civil Code of the Russian Federation
4. Law of the Russian Federation "On the organization of insurance business in the Russian Federation"

The practice of business risk insurance, which is widespread abroad, is gradually developing in our country as well. This type of insurance provides entrepreneurs with conditions in which adverse circumstances do not affect their financial condition.

Business risk insurance is a set of types of insurance that provide for the obligation of the insurer to pay insurance compensation to the insurant-entrepreneur in the event of insured events that affect material, financial resources, business results and cause loss of income, additional costs and losses.

In the legal literature, there is still no unity of views and approaches regarding the legal essence of the concept of entrepreneurial risk.

Entrepreneurial risk is a special type of risk that arises only in the course of entrepreneurial activity.

Entrepreneurial risk can be defined as a possible, random event that has a negative impact on material resources and various business processes and causes losses to the entrepreneur.

According to Art. 929 of the Civil Code of the Russian Federation, business risks include:

the risk of losses associated with downtime;

the risk of losses associated with the violation of their obligations by counterparties of the enterprise;

the risk of loss associated with a shortfall in expected income.

General characteristics of business risk insurance:

• 1. Interest in business risk insurance is complex, that is, it includes all components of insured losses: real damage, lost profits and liability. It differs from other types of interests in that it arises in connection with the conduct of entrepreneurial activities by the interested person.
• 2. The insured is a legal entity engaged in entrepreneurial activity (individual entrepreneur, commercial or non-commercial legal entity that conducts entrepreneurial activities to achieve its statutory goals).
• 3. The risk of the insured himself is subject to insurance and only in his favor (Article 933 of the Civil Code of the Russian Federation). Neither a beneficiary nor an insured person may be appointed in a business risk insurance contract. When appointing a beneficiary in the contract, only this condition of the contract is void, and the remaining terms of the contract remain in force. When an insured person is appointed in the contract, the entire contract becomes null and void.
• 4. Entrepreneurial risk insurance is provided either in the event of a breach of obligations by the counterparty of the entrepreneur, or in the event of a change in the conditions of the entrepreneur's activities for reasons beyond his control. Taking into account the definition of entrepreneurial activity contained in Art. 2 of the Civil Code of the Russian Federation, changing the conditions for such activities should be systematic. Consequently, under a business risk insurance contract, for example, lost profits due to an accidental one-time loss of cargo cannot be insured, but only because of such a change in the conditions under which cases of loss of cargo have steadily increased. This, however, does not mean that under a business risk insurance contract, lost profits due to a one-time loss of cargo due to breach of obligations by counterparties cannot be insured.
• 5. Under the business risk insurance contract, not only financial risk is insured, but also other losses - damage to property and liability. Therefore, persons conducting entrepreneurial activities can choose in what legal form they insure their property - in the form of property insurance (Article 930 of the Civil Code of the Russian Federation) or in the form of business risk insurance, and depending on this choice, regulatory regulation will be different.

Entrepreneurial risk becomes insured only after the conclusion of the insurance contract.

The following main types of business risk insurance can be distinguished:

• 1. Insurance of possible losses on various transactions of an entrepreneur related to the sale of goods, performance of work or provision of services;
• 2. Insurance by the entrepreneur of his own financial resources placed on deposit accounts and settlement accounts in banks.
• 3. Insurance by the bank of non-repayment of the loan by the borrower.
• 4. Insurance of funds invested in the implementation of investment and innovation projects.
• 5. Insurance of losses arising from interruptions (stops) of production.
• 6. Insurance against the risks of reducing sales volumes, additional expenses and other losses from their business activities.

A business risk insurance contract can be defined as an agreement between the policyholder and the insurer, by virtue of which one party (the insurer) undertakes, for the fee stipulated by the contract (insurance premium), upon the occurrence of an event (insurance event) provided for in the contract, to compensate the other party (the policyholder) for the events caused by this event. losses from entrepreneurial activities associated with the loss of property or the failure to receive expected income due to a violation of their obligations by the counterparties of the insured or a change in the conditions of this activity due to circumstances beyond the control of the insured (to pay insurance compensation), within the amount specified by the contract (sum insured).

The essence of the business risk insurance contract is the provision of an insurance service that provides protection for a person engaged in entrepreneurial activity from possible adverse consequences of this activity.

Losses, as a rule, are estimated at the time of their occurrence - with the onset of an insured event. The contract establishes the limit of insurance liability. Insurance indemnity is made only for those insured events, the risks of which are clearly defined in the contract.

Insurance contracts can be concluded in relation to any area of ​​business activity. When concluding a business risk insurance contract, the policyholder, at the request of the insurer, shall provide the following information:

• - the volume, quality and price of goods, works, services, the capacity of their market and the share in it of the insurant engaged in entrepreneurial activity;
• - financial results of the insured's activities for the previous and current years;
• - general and current liquidity, equity ratio;
• - financial results of activity for the previous year and quarters of the current year of the buyer of items for sale (contractor of the insured), its accounts payable (including overdue), as well as current liquidity and equity ratio on the balance sheet; similar information about the recipient of the bank loan, the availability of loan collateral from the borrower, etc.

Types of business risk insurance:

Downtime insurance. This type of property insurance allows you to cover the losses of the enterprise caused by downtime. The downtime risk insurance contract is often an integral part of the property insurance contract, but can also be concluded independently of it. This contract allows you to compensate for losses in cases where the classic property insurance contract does not provide for this.

Upon the occurrence of insured events, the insurer shall be reimbursed for:

• - current expenses of the enterprise: expenses, the volume of which does not depend on the turnover of the enterprise, including salaries to employees; taxes and fees calculated from the wage fund; rental fees for premises (in addition, depreciation deductions are usually reimbursed for idle equipment that was not damaged as a result of an insured event);
• - damage mitigation costs, which include the costs of transferring activities to reserve capacities, wages for overtime work, additional costs for the forced purchase of semi-finished products;
• - lost profits.

In order to determine the total amount of business interruption losses and the amount of the corresponding insurance indemnity, it is common to compare the performance of the enterprise during the downtime with the results that it would have achieved during normal operation. At the same time, all circumstances that could affect the result of the enterprise's activities during normal operation are taken into account. But the additional income that the company received during the downtime or as a result of it is also taken into account. As a general rule, an enterprise is not reimbursed for those costs that are aimed at modernizing production, increasing production volumes and other goals that bring him a certain benefit.

Insurance in case of violation of their obligations by counterparties of the enterprise. Most often, this type of insurance is used in the field of foreign trade during export operations. The risk under insurance is subject to both one and several transactions of the same type (risk under a contract of sale or delivery of goods). For example, a supplier, sending the goods to the buyer with the condition of subsequent payment for the goods, can conclude an insurance contract for business risks, under the terms of which the insurer is obliged to reimburse the insured (supplier) for lost income in the event that the buyer - the counterparty of the insured fails to fulfill his obligations under the contract for the sale of goods.

The insurance contract is concluded before the shipment of the goods, and the insurance cover begins to operate from the moment when the goods have already been accepted by the buyer and an invoice has been issued for it.

In the event of an insured event, the entrepreneur must have evidence of the fulfillment of all his obligations under the supply contract, which entails the obligation of the buyer to pay him the entire amount due under the contract. After payment of compensation, the buyer who has not paid for the goods becomes the debtor of the insurer. The entrepreneur who received compensation must hand over to the insurer the documents indicating that the buyer is obliged to pay for the products delivered to him.

One of the special types of business risk insurance is reinsurance (Article 967 of the Civil Code of the Russian Federation).

Reinsurance - activities for the protection by one insurer (reinsurer) of the property interests of another insurer (reinsurer) associated with the obligations of insurance payment accepted by the latter under the insurance contract (main contract). It provides protection against large (giant) or catastrophic risks (aviation, space, industrial, etc.).

Reinsurance is caused by a danger that threatens the insurance company, not to withstand the entire amount of insurance assumed, to be unable to fulfill obligations to policyholders in the event of the simultaneous occurrence of a number of unfortunate events.

Reinsurance differs from other types of business risk insurance only in a special definition of the insured risk - the risk of the insurer.

Reinsurance is carried out on the basis of a reinsurance agreement concluded between the insurer and the reinsurer in accordance with the requirements of civil law. Along with it, other documents may be used, applied on the basis of business customs. Reinsurance contracts concluded with foreign organizations that are not insurers, or in the absence of a property interest of the reinsurer, do not apply to reinsurance contracts. Reinsurance contracts can be obligatory or facultative. They are classified depending on whether the conclusion of a reinsurance contract is mandatory for the reinsurer.

Obligatory agreements assume the existence of such obligation. On the contrary, under an optional contract, the reinsurer has the right to refuse to take on certain risks.

The insurer transferring its obligations for insurance payments is called the reinsurer or assignor, the insurer accepting these obligations is called the reinsurer or assignee.

The rules stipulated by the Civil Code of the Russian Federation in relation to business risk insurance are applied to the reinsurance contract, unless otherwise provided by the reinsurance contract (clause 2, article 967 of the Civil Code of the Russian Federation). Consequently, the insured under the reinsurance contract can insure not his risk and not in his favor.

The risk of insurance payment under life insurance contracts in terms of the survival of the insured person to a certain age or period or the occurrence of another event is not subject to reinsurance. Insurers licensed to carry out life insurance are not entitled to reinsure property insurance risks assumed by insurers.

Financial risk insurance - a set of types of insurance that provide risks that threaten the financial resources of individuals and legal entities (loss of funds and income, additional costs). A feature of financial risk is the likelihood of damage as a result of any operations in the financial, credit and exchange areas, transactions with stock securities, that is, the risk that follows from the nature of these operations.

The concepts of entrepreneurial risk and financial risk are not identical. Financial risks are a kind of entrepreneurial risks, since financial risk is a potentially possible (probabilistic), random event that affects the processes of obtaining, intended use, settlements, storage or accumulation of funds of legal entities, individuals and causing them losses, loss of income, additional costs covered by insurance. Thus, the concept of entrepreneurial risk in the field of entrepreneurial activity is broader in content and includes the financial risk of an entrepreneur acting in this area as a kind of entrepreneurial risk.

The Civil Code of the Russian Federation does not contain a definition of financial risk; the code operates with the concept of entrepreneurial risk. However, the classification of types of insurance established by the Law on the organization of insurance business in Art. 32.9, highlights the insurance of financial risks, while giving the right to additionally specify each of the above types through the development of separate insurance rules. Financial risks include credit risk, interest rate risk, currency risk; risk of lost financial gain, investment risk.

Types of financial risk insurance:

1. Credit risk insurance covers the risk of non-payment by the borrower of principal and interest due to the creditor. The object of such insurance is the risk of non-payment (late payment) on the part of buyers of products when providing them with a commodity (commercial) loan or when delivering products to them on terms of subsequent payment. When insuring commodity loans, the object of insurance is the property interests of the insurer-entrepreneur associated with the intention to avoid losses when selling goods on credit. An insured event is a buyer's failure to comply with the terms and conditions for fulfilling financial (monetary) obligations under a sales contract. The insurance indemnity is paid by the insurer after the recognition of the fact of the occurrence of the insured event in the presence of a number of necessary documents (invoices, waybills, correspondence on debt collection, turnover sheets, etc.).

Allocate insurance of commercial, consumer, export credits and insurance of issuers of plastic cards. Of particular interest are the last two types of insurance. Export credit insurance is aimed at protecting the property interests of exporters (goods, services, leasing items and intellectual property) and credit organizations that finance exports. Insurance provides exporters with protection against financial losses due to non-repayment of loans provided to foreign buyers. An insured event is a failure to repay a loan by its recipient due to bankruptcy or long-term financial difficulties. Insurance protection covers export credits provided to their recipient within the established credit limit (credit limit).

Insurance of plastic card issuers provides for the risks of debiting funds from a special card account of a bank (plastic) card holder as a result of unlawful actions of third parties with a bank card, the impossibility of recovering the overdraft amount from a bank card holder (on a settlement bank card) and the loan amount (on a credit bank card) .

• 2. When insuring interest risks, the risk of possible losses of commercial banks, credit institutions, investment funds as a result of the excess of interest rates paid by them on attracted funds over the rates on extended loans is subject to insurance.
• 3. Currency risk insurance provides protection against currency losses associated with a change (fluctuation) in the exchange rate of one foreign currency against another, including the national currency, when conducting foreign economic, credit and other currency transactions. Currency risk insurance is carried out by including various kinds of protective clauses in the terms of a foreign trade contract aimed at eliminating and limiting possible losses in trade and economic relations with partners, settlements with which are carried out in a freely convertible currency or through clearing.

The simplest methods of insuring foreign exchange risks are: fixing by the exporter of selling prices in national currency; linking the risks of export and import in such a way that the sum of all claims and obligations coincides in the same currency; obtaining favorable conditions from their national banks; conclusion of urgent currency transactions with banks; purchase of currency options.

• 4. When insuring a lost financial benefit, the risk of not receiving the expected profit is subject to insurance.
• 5. The object of investment risk insurance are, as a rule, numerous risks of real investment, first of all, the risks of untimely completion of design work on an investment project, untimely completion of construction and installation work on it, failure to reach the planned design production capacity, and others.

Political risk insurance is a type of property insurance related to foreign trade activities and foreign investments. Political risks include the risks of non-payment under trade contracts and loans as a result of an embargo on exports and imports, a ban on currency transfers, expropriation of foreign investments, risks associated with military operations, nationalization or seizure of property, detention of goods, the introduction of customs restrictions for political reasons, an embargo on import or export of goods, as well as the risks of non-payment by importers - state organizations.