TYPES OF INSURANCE POLICY

 Personal insurance/life assurance. This may involve whole life policy where one pays premium and in an event of death, the insurer pays the beneficiaries of the dead, also an entrepreneur may insure the life of his debtors, such that in the event of death, the insurer will pay him / her amount owed by the customer

Fire insurance. This policy protects an entrepreneur’s business against loss arising from fire outbreak, like compensation for the loss of business property and stock. Fire and special peril policy safe guard an entrepreneur against fire damages and the consequential losses arising from it

Theft and burglary. This policy may be taken by an entrepreneur to protect from loss arising out of theft or burglary of the business merchandise, property etc. this means that in the event of loss resulting from theft and burglary, the insurance company compensates the insured
Loss of profits. This policy will insure an entrepreneur against losses arising from operational losses in business operations. In this, an entrepreneur will be compensated to an agreed percentage of the loss suffered

Motor insurance. This will involve taking out a comprehensive motor insurance which would cover the insured’s car against fire, accidents, theft etc. this is more preferable, as it offers more protection and more chances of compensation but it is again expensive due to higher premiums paid

Money at premises or in transit. This is taken out to insure an entrepreneur from the risk of loss, when money is being moved from one place to another, like if one is moving huge sums of money abroad to buy some merchandise, this policy may be taken to protect it as it is in transit

Employers’ liability or workmen’s compensation. This policy insures against workers who may be injured at the work place, like if a machine breaks an employee’s leg accidentally, here the insurer takes the responsibility of compensating the worker but not an entrepreneur / business

Machinery break down and consequential loss. This policy may be taken by an entrepreneur to protect him against loss arising from machine break down and consequential loss, such loss will involve reduction in production and loss in time and such a loss will be covered by the entrepreneur

Marine insurance. This involve marine cargo insurance that protects goods being transported on water by water vessels, it also includes marine hull insurance that covers the ship owner against loss or damage to the vessel and other legal liabilities incurred towards third party and passengers

Aviation insurance. This policy is taken out to protect an entrepreneur against loss arising from personal accidents and cargo damages due to air craft (by air transport)
Sickness policy. This covers against specified diseases or all forms of curable diseases. The insurer pays further medical bills of the insured and other expenses involved depending on the contract

Endowment policy. This is where payment of premium is made every year but for specified number of years. This policy is meant to benefit the insured after he has retired from his job or during his old days.

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