The Importance Of Insurance

Question 1

Insurance on the Building

Answer 1

Covers structural damage to a building.

Types of damage covered depend on the policy’s comprehensiveness.
Common risks include:
Fire
Natural disasters (hail, floods, earthquakes, winds, lightning)
Explosions
Impact by vehicles

Question 2

Business Interruption Insurance

Answer 2

Covers loss or damage resulting in reduced turnover.

Provides financial support during periods when the business cannot operate as usual.

Question 3

Fidelity Insurance

Answer 3

Covers theft of money or stock by employees.

Question 4

Public Liability Insurance

Answer 4

Covers damage to visitors’ or customers’ property caused by the business.

Provides coverage for injuries or deaths occurring during business operations.

Policy includes a maximum loss limit.

Question 5

Insurance on Vehicles

Answer 5

Covers vehicles used for business purposes.

Can be:

Fully comprehensive
Third party, fire, and theft
Ensures coverage for various vehicle-related risks.

Question 6

Theft, Burglary, and Robberies

Answer 6

Essential for protecting against inventory or equipment theft.

Important for businesses, especially in areas with higher risks of such events.

Question 7

Bad Debt Insurance

Answer 7

Risk of bad debt is often considered non-insurable.

It is possible to insure against bad debt.

This type of insurance is typically very expensive.