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Business Insurance

Learn about the different types of business insurance, including theft insurance, fire insurance, consequential loss insurance, fidelity guarantee insurance, cash in transit insurance, goods in transit insurance, motor insurance, employers liability insurance, public liability insurance, product liability insurance, and bad debts insurance.

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Business Insurance

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  1. Business Insurance

  2. Types of Business Insurance • Theft Insurance: theft of equipment and stock • Fire Insurance: damage to premises, equipment and stock • Consequential Loss: covers the firm for loss of profits while a business is closed as a result of fire or flood.

  3. Types of Business Insurance • Fidelity Guarantee: compensates an employer for loss of cash arising from dishonest workers • Cash in Transit: covers theft of cash while in transit between the business and bank • Goods in Transit: covers theft or damage to goods while been transported • Motor Insurance: compulsory covers damage or injury cause by motor vehicles.

  4. Types of Business Insurance • Employers liability: employees injured at work • Public liability: customers injured while visiting the business • Product liability: injury to customers using the product • Bad debts: loss due to customers not paying their debts.

  5. Reasons for business insurance • Protection of assets against fire and theft • Protection against legal action as a result of accidents to the public or staff • Legal reasons- motor insurance

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