It is a commonly acknowledged phenomenon that there are many risks in every aspects of life. For property, there are fire risks, for shipment of goods, there are risks of sea, for human life, or there are risks of death or disability, and so on. The chances of happening of the events causing losses. No doubt, that they may are quite uncertain because these may or may not take place, but in any case our life and property are not safe and there is always a risk of losing it. A simple way to cover this risk of loss money, is to get life and property insured in addition to the field of business as businessmen are facing a lot of fluctuations in business environment including exchange rate policy, demand and supply policy, taxes and other affecting factors which are definitely affect the performance and may lead to losses in any time so insurance is the best way to avoid these losses as insurance companies bear risk in return for a payment of premium, which is calculated on the likelihood of loss . We are here to mention corporate insurance and its requirements.
Basic Corporate Insurance covers moveable property and operational risks
Insurance covers major risks to moveable property and operations in production companies. Basic Corporate Insurance covers the moveable property and operations that may occur within the regular aspect of your operating sector and are included in your insured turnover.
Package comprises the following insurance cover
- Property (excluding breakage)
- Transportation (excluding import and export)
- Business interruption (including epidemics and suppliers’ extension)
- Legal expenses
Liability (including product liability)
Company’s Benefits from insurance
Business interruption insurance secures continued operations in loss situations
Business interruption insurance ensures continuity of your company’s financial operations if they interrupt or are interrupted as a result of a coverable material damage (such as fire or leakage). Suppliers’ extension provides cover if, for example, the property of the supplier of a product you are selling suffers a fire, which definitely affect your sales. In addition to covering extra costs (such as employee wages) following material damage that must be paid to reduce business interruption losses or loss of sales profit.
Insurance terms of company
General responsibility insurance in case your company is responsible to pay compensation
The general responsibility insurance covers bodily injury and material damage to a third party for which your company is responsible, but the loss must be detected during the insurance period.
Product liability cover
It is possible that products (foodstuffs or electrical appliances) that have been delivered to customers have been damaged while transporting by the company, resulting in material damage or personal injury. It is for situations like this that product insurance responsibility provides cover.
Legal expenses cover for disputed civil cases and criminal cases
A company may face a situation that requires legal expertise. Legal expenses insurance will cover such expenses in a condition provided the case was brought before a district court, its appellate instances or an arbitration court.
Voluntary supplementary cover
Cover for business interruption caused by an employee
Permanent employees or entrepreneurs may become ill or have an accident, which in turn lead to work disability or even death. This in turn may restrict or bring an end to the business, causing financial losses. At an additional premium, the insurance can be extended to cover business interruption caused by an employee, but any disability must be diagnosed by a doctor
Financial loss cover
In some fields it is necessary to get insurance against financial losses caused to a third party. This insurance is available to certain fields such as accounting and law firms.