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Thursday, 9 April 2015

Which insurance products should a business have?

Which insurance products should a business have?
In Nigeria it is compulsory for all businesses to have Employer’s Liability Insurance, to protect the employee. There are many other optional insurance products available to Nigerian businesses to help protect them against financial turmoil as well as natural disasters. Below we have compiled a list of insurance products we recommend businesses to have.

Public Liability Insurance

This type of policy protects a business from any claims made for damages by a member of public who has entered the business premises. This policy is highly recommended for shops and retail premises.

Business Building Insurance

Like homes, businesses premises need to be protected from the inevitable – burglary, fire or flood damage. We recommend this for anyone with valuable physical stock and perishable goods. A fire and other perils insurance normally covers the following:
The items to be insured are usually made up of the following:
· Buildings.
· Office Furniture, electrical & electronic equipment.
· Plants and machineries.
· Stock of raw materials and finished goods.
· Loss of annual rent for alternative accommodation.

Professional Indemnity Protection

Professional indemnity, or PI insurance, gives professional businesses protection against claims made by their clients, for any damage caused by professional negligence. This form of policy is recommended to professionals such as engineers, architects, doctors and pharmacists.

Key person Insurance

We hate to think about it, but what would happen to your business if one of your key staff were to die? This is an insurance cover purchased on the life of a key person within the organisation to protect the company against loss of profit or cost of replacing the key person in the event of demise.

Business Continuity Insurance

Also referred to as “business interruption insurance”, this type of insurance will protect the business against any disruption that could lead to loss of revenue, such as a fire or natural disaster.
The items normally covered by this policy are:
· Gross Profit
· Salary and Wages
· Auditor's fees

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