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    Assignment No 15

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    jivanlad22
    This document discusses various types of business insurance policies: 1. Professional liability insurance, also known as errors and omissions insurance, covers businesses against negligence claims from mistakes or failure to perform. 2. Property insurance covers equipment, inventory, furniture, and property in the event of fire, theft, or storms, though floods and earthquakes may require separate policies. 3. Workers' compensation insurance covers medical treatment, disability, and death benefits if an employee is injured or dies while working, even from seemingly low-risk jobs.

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    Assignment No 15

    Uploaded by

    jivanlad22
    7 views2 pages
    This document discusses various types of business insurance policies: 1. Professional liability insurance, also known as errors and omissions insurance, covers businesses against negligence claims from mistakes or failure to perform. 2. Property insurance covers equipment, inventory, furniture, and property in the event of fire, theft, or storms, though floods and earthquakes may require separate policies. 3. Workers' compensation insurance covers medical treatment, disability, and death benefits if an employee is injured or dies while working, even from seemingly low-risk jobs.

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    assignment no 15

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    This document discusses various types of business insurance policies: 1. Professional liability insurance, also known as errors and omissions insurance, covers businesses against negligence claims from mistakes or failure to perform. 2. Property insurance covers equipment, inventory, furniture, and property in the event of fire, theft, or storms, though floods and earthquakes may require separate policies. 3. Workers' compensation insurance covers medical treatment, disability, and death benefits if an employee is injured or dies while working, even from seemingly low-risk jobs.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    7 views2 pages

    Assignment No 15

    Uploaded by

    jivanlad22
    This document discusses various types of business insurance policies: 1. Professional liability insurance, also known as errors and omissions insurance, covers businesses against negligence claims from mistakes or failure to perform. 2. Property insurance covers equipment, inventory, furniture, and property in the event of fire, theft, or storms, though floods and earthquakes may require separate policies. 3. Workers' compensation insurance covers medical treatment, disability, and death benefits if an employee is injured or dies while working, even from seemingly low-risk jobs.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Name : Jivan Sandip Lad

    Roll no. 29
    EDE Assignment No: - 15

    Assignment name:- Compile information about various insurance schemes covering different risks.

    1. Professional liability insurance.

    Professional liability insurance, also known as errors and omissions (E&O) insurance, covers a business
    against negligence claims due to harm that results from mistakes or failure to perform. There is no one-
    size-fits-all policy for professional liability insurance. Each industry has its own set of concerns that will
    be addressed in a customized policy written for a business.
    2. Property insurance.

    Whether a business owns or leases its space, property insurance is a must. This insurance covers equipment,
    signage, inventory and furniture in the event of a fire, storm or theft. However, massdestruction events
    like floods and earthquakes are generally not covered under standard property insurance policies. If your
    area is prone to these issues, check with your insurer to price a separate policy

    3. Workers’ compensation insurance.

    Once the first employee has been hired, workers’ compensation insurance should be added to a
    business’s insurance policy. This will cover medical treatment, disability and death benefits in the event an
    employee is injured or dies as a result of his work with that business. Even if employees are performing
    seemingly low-risk work, slip-and-fall injuries or medical conditions such as carpal tunnel syndrome could
    result in a pricey claim.
    4. Home-based businesses.

    Many professionals begin their small businesses in their own homes. Unfortunately, homeowner’s policies
    don’t cover home-based businesses in the way commercial property insurance does. If you’re operating
    your business out of your home, ask your insurer for additional insurance to cover your equipment and
    inventory in the event of a problem.
    5. Product liability insurance.

    If your business manufactures products for sale on the general market, product liability insurance is a must.
    Even a business that takes every measure possible to make sure its products are safe can find itself named
    in a lawsuit due to damages caused by one of its products. Product liability insurance works to protect a
    business in such a case, with coverage available to be tailored specifically to a specific type of product
    6. Business interruption insurance.
    If a disaster or catastrophic event does occur, a business’s operations will likely be interrupted.
    During this time, your business will suffer from lost income due to your staff’s inability to
    work in the office, manufacture products or make sales calls. This type of insurance is
    especially applicable to companies that require a physical location to do business, such as
    retail stores. Business interruption insurance compensates a business for its lost income
    during these events.

    Conclusion: we can find the different insurance scheme which covers different risk factors.

    Process Related (15) Product Related (10) Total(25) Date Signature of


    Teacher

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