The commonsense and immediately obvious definition of business ethics has to be something clearly along the lines of “The moral standards which guide the running and transactions of businesses”. Big financial corporations set up insurance companies that cater to these insurance needs. Cultivating trust among your customers and other people you transact with is one of the basic business ethics that can greatly affect your enterprise. Ethics are thought of by many people as something that is related to the private side of life and not to the business side.
Your company ethics also apply internally to how you treat your employees and contractors. Lending slowed dramatically and this affected U.S. businesses, individuals, and other countries around the globe. The types of personal goals an individual aspires to and the manner in which these goals are pursued have significant impact on that individual’s behavior in an organization.
Therefore, one could conclude that it would be unethical for the company not to act in the interests of its stockholders, as it relates to giving them a higher return on investment. Insurance is a fundamental need of any individual who wants to have adequate financial security, for himself and his family.
3. Engaging in fair trading practices like guaranteeing a safe workplace for your employees, fair pricing for your products, that will at least cover the cost of production and treating you customers well among others will guarantee a high business turnover.
Values determine ethical balance and organizations should be well founded with positive core values with services that benefit all that they interact with. One’s moral values and central, value-related attitudes clearly influence his or her business behavior.