Goods in Transit
GENERAL INSURANCE OVERVIEW
The terminologies used by the insurance industry can be overwhelming, but basically there are three types of General Insurance: property, liability, and people. Here’s a short look at all three.
Basic property insurance covers you against unforeseen losses due to fire, lightning, vandalism and other risks.
Once you decide what sort of protection you need, think about what items you’ll need to cover. The following list is not comprehensive, but it contains items worth considering:
- Buildings (whether owned or leased)
- Stocks and supplies
- Machinery and boilers
- Office equipment, including furniture, computers, printers, and fax machines
- Cars, Vans & lorries and construction equipment
- Intangible property such as trademarks
Since its a good idea to buy insurance based on replacement value, its necessary to take stock of the items that you have, along with their replacement values. Once you have the list, decide exactly what items are worth insuring and make sure they are covered by the policy.
Liability insurance provides coverage in case you or your business is sued for something you did—or didn’t do—that resulted in property damage or injury to someone. One classic example is someone who slips and falls on your premises and sues for the loss of income (and possibly medical problems) while they were unable to work.
Liability insurance covers the cost of damages awarded to the injured party, as well as the costs associated with your defence in a lawsuit.
Note, too, that liability coverage will not protect you against claims for nonperformance of a contract. That’s covered by professional liability.
Workers compensation insurance is state-mandated for coverage for injuries and illnesses that are job-related, and is required by employers. A workers compensation policy may pay medical, disability income, rehabilitation, and also death benefits.
This type of General Insurance also includes Personal Accident and Group Personal Accident cover.
Choosing an insurance agent or broker
Its not wrong to admit that you may need help in selecting the best insurance coverage. That advice can come from us, an insurance agent or a broker. An insurance agent represents an insurance company and sells only products from that firm. A broker, on the other hand, represents more than one company and is free to suggest any number of solutions.
To purchase a policy, there are some details we need from you, the client.
- We’ll need to know what type of insurance you’re interested in.
- A duly filled-in proposal form
- Personal Identification Number (PIN No.)
- If it’s a vehicle you’re insuring, provide us with a copy of the vehicle’s logbook.
- Upon full payment, we will issue you with cover.