Business Insurance Flashcards
Building Insurance
Damage to buildings arising from construction defects
Give 3 non-insurable risks
- 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
Burglary/ theft insurance
Losses occurring from theft or burglary
Cash in transit Insurance
Loss of money while being transferred to or from the business premises
Employers liability insurance
Claims for insurance for injuries suffered by the employees from their employment
Fire Insurance
Damage to any property arising from a fire on the premises
Goods in transit Insurance
Loss of goods while being transferred to or from the business’ premises
Motor insurance
Third party injuries or damage
Comprehensive policies should also be considered
Plate glass insurance
Loss arising from breakage of damage to large, expensive shop windows
Product liability insurance
Claims from the consumers for injuries/illnesses arising from the proper use of the company’s product
Professional indemnity Insurance
Claims against those in professional practices eg. Doctor, for negligence arising out of their professional work
Public liability insurance
Claims by the general public for injuries that were incurred on or about the company’s premises
