Types of Insurance for Entrepreneurs

Property Insurance

Property Insurance

This policy provides cover for the entrepreneur’s own, vehicle, building or business  property, including office equipment, computers, stock/inventory or tools such that these property will be replaced ( where necessary) in the event of a fire outbreak, theft, flood, impact from a falling object, etc.

Business Interruption Insurance

It is important for entrepreneurs to consider a business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate for a period as a result of a fire, flood, theft, impact etc. This implies that the insurance company will pay you some agreed compensation for earnings you were unable to make as an entrepreneur as a result of the unfortunate event like fire etc.

LIABILITY

Business / Public Liability Insurance

This policy ensures that the insurance company pays out an agreed compensation on behalf of the insured (entrepreneur) if someone gets injured or has their property or belonging damaged while on your business premises.

Professional Liability Insurance

Professional liability insurance becomes relevant if your client isn’t happy with the job you’ve done or says that you gave them bad advice. This is useful for entrepreneurs who provide professional advice.

Employer’s Liability Insurance

This is a policy that ensures that an agreed compensation is paid to your workers when they get injured while working for you. The Employers Liability cover also caters for medical cost as a result of the injury suffered by the worker in the course of work.

Product Liability Insurance

This policy pays out compensation to customers who suffer some damages as a result of using products that are made or sold by the entrepreneur.