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There are various policies that we offer under commercial insurance. These various policies are as follows:
Office Contents
This policy covers the offices of professional people such as lawyers, insurance
brokers and estate agents. It covers perils like Fire, Lightning & Explosion;
Theft; Accidental Damage to mirrors and glass forming part of the office furniture;
Loss of Money; etc.
Farmers
The policy covers Fire & Perils; Theft; Money; Business All Risks; Houseowners;
Householders; Personal & Public Liability; Motor for cars, commercial
vehicles, tractors, trailers and farm implements; Cover for injury to livestock
by specified perils and Damage to crops.
Assets All Risks
This is a combined policy that is designed to cover businesses with high value
insurable assets. It covers Fire & Allied Perils; Theft; Money; Goods
in Transit; Glass; Business All Risks; Business Interruptions; Accounts Receivable;
Claim Preparation Costs and Additional Increase in Cost of Working.
Theft
This section is intended to only cover losses as the direct result of a break-in
or hold-up excluding shop-lifting. Theft must be as a result of forcible and
violent entry to or exit from the insured buildings or any attempt, threat
or as a result of theft or any attempt threat following the use of threat
of violence.
Money
Because of the number of robberies involving money, it is very essential to
have this form of insurance. It covers the loss of money on the premises and
or in transit. This section covers money at: the insured’s premises
during business hours whether it is in a safe, a till or secured elsewhere
on the premises; In a locked safe or storeroom when the business is closed
for business; In transit to and from the bank e.t.c.
Business Interruption
This section is also known as Consequential Loss or Loss of Profits. The purpose
of this form of insurance is to indemnify the insured for the loss of turnover
and continuing costs as a result of an interruption to the business following
damage by an insured peril. This policy will pay during the period of interruption
for:
• Loss of profits
• Wages for employees the insured needs to keep;
• Rent or bond repayments while the building is being reinstated e.t.c.
Accounts Receivable
This class of business is also a type of consequential loss insurance. This
covers the loss of income caused by the accounts being destroyed by an insured
peril and the company then being unable to trace its debtors.
Business All Risks
This policy caters for businesses and professions who may need to cover for
equipment away from the premises and also accidental damage cover both at
and away from the premises. The type of equipment covered would be:
• Computers, calculators and typewriters
• Medical instruments
• Tools
• Stands and their contents at exhibitions and trade fairs
• Radios, televisions, video recorders and cameras.
Goods in Transit
The policies can either be for loss or damage to goods following fire, collision
or overturning of the carrying vehicle or all risks. The all risks cover applies
whilst the goods are being loaded onto and off the vehicle and during temporary
storage during the journey. The goods can either be insured by the owner or
by the carrier and cover can apply to road, rail and postal carryings.
Glass
Under this policy one can insure plate glass of any type against accidental
damage and breakage. This can apply to windows, shelves and glass in office
furniture. It also covers damage to the frames and lettering on windows if
they are damaged at the same time as the glass.
Fidelity
This form of insurance is to protect the insured against losses of money and
goods caused by the dishonesty of any of his employees. This applies to contract
as well as all other employees.
Public Liability
Covers a firm’s liability at law for injury to persons (other than its
employees) and damage to property (other than the firms own or for which they
are responsible).
Products Liability
This form of cover is intended for any company involved in providing goods
as manufacturer as they would need cover for products liability. It gives
cover for legal liabilities of an insured for death of or injury to a customer
caused by a faulty product and also for any damage to their property, for
example, foodstuffs with wrong ingredients can cause sickness or death; hair
chemicals with wrong ingredients can cause damage e.t.c.
Defective Workmanship
This form of cover is needed for businesses where physical work rather than
products are involved such as a vehicle or machinery repairer. For example,
if a component is put back wrongly into a vehicle or machinery and an accident
results then the policy would cover for the caused damaged.
Employer’s Liability
The policy covers a firm's legal liability for injury to its employees.
Residual Liability
When an award is made by National Social Security Authority to an employee
it does not depend on any negligence by anyone. If they find that an employer
was in any way negligent then they will impose a fine. The amounts of fines
are set out in the appropriate act. This policy is to cover the payment of
those legally imposed fines.
Professional indemnity
Protection for professional firms such as solicitors, architects and accountants
against loss or damage suffered as a result of professional negligence, for
example, a pharmacist giving the wrong medicines to a client.
Group Personal Accident
The policy is taken by companies to cover its employees against accidents
when these are sudden and unforeseen. It covers for Death, Permanent Disability,
Temporary Total Disablement and medical expenses as a result of an insured
accident.
