Business Insurance Flashcards
Give 4 examples of non insurable risks
Loss of profit due to strikes
Loss of profit due to sudden increases in the cost of production
Loss of profit due to changes in consumers tastes and fashions
Loss of profit due to bad management
Give the explanation or protection for building insurance
Damage to buildings arising from construction defeats
Give the explanation or protection for cash in transit insurance
Loss of money while being transferred to or from a business premises
Give the explanation or protection for burglary/theft insurance
Losses arising from theft or burglary
Give the explanation or protection for employees liability insurance
Claims for injuries suffered by employees from their employment
Give the explanation or protection for fire insurance
Damage to property of the business arising from a fire on the premises
Give the explanation or protection for goods in transit insurance
Loss of goods being transported to or from the business premises
Give the explanation or protection for motor insurance
Third party injuries or damage or comprehensive car insurance. Statutory insurance
Give the explanation or protection for plate glass insurance
Loss arising from breakage/damage to large extensive shop windows
Give the explanation or protection for product liability insurance
Claims from consumers for injuries received from the use of a companies product
Give the explanation or protection for professional indemnity insurance
Claims against people in a professional practice for failure to take care arising in their work. (Ex. Doctor, lawyer)
Give the explanation or protection for public liability insurance
Claims by the public for injuries received incurred while on or about firms premises
Explain non- insurable risks
These are the risks for a business for which insurance isn’t available as they cannot calculate the likelihood of the risk occurring.
