Elucidate the types of Insurance for Businesses

Question

Elucidate the types of Insurance for Businesses?

Answer 1

1. Business interruption: Downtime due to loss or damage of facilities and equipment.

2. Liability: Wrongs committed by the business against a third party.

3. Hacker: Computer saboteurs.

4. Key person: Death or incapacitation of an important member of the organization, e.g., president.

5. Life, health, and disability insurance: Health problems of employees and their families.

6. Fidelity bond: Theft by an employee of the business’s assets or those of a client.

7. Surety bond: Failure to perform obligations as promised (protects client).