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13 Cards in this Set

  • Front
  • Back

Theft Insurance

Theft of equipment and stock.

Fire insurance

Damage to premises, equipment and stock.

Sprinkler leakage

Water damage to stock.

Consequential loss

Loss of income resulting from fire, smoke etc.

Fidelity guarantee

Theft by employees.

Cash in transit

Theft of money being transferred to bank.

Goods in transit

Damage or theft of goods being transported.

Motor insurance

Damage or injury caused by motor vehicles.

Employer's 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.

Why is it important for a business to purchase adequate insurance?

It is important to make sure that all possible risks are insured against for the correct value because failure to do so could mean that certain risks are not covered or are underinsured.