Business insurance takes the form of General Liability Insurance. Every business no matter the size of the business must have liability insurance. A general liability policy provides you with protection for your business in the event that you, your staff, your products or services cause or are alleged to have caused Bodily Injury to a third party or Damage to Property of a third party.

Commercial insurance is made up of a number of insurance policy types:

• Professional Liability: Protects your business against negligence claims due to damage caused by mistakes or failure to perform. We at Riskfin will tailor a professional liability insurance policy according to your needs as there is no one-size-fits all professional liability policy.
• Property: Whether your business owns or rents the premise that your business occupies property insurance is a must. Property insurance covers equipment, signage, inventory and furniture in the event of theft, fire, storms however if the area in which your business is situated is prone to floods and earthquakes you will need to obtain special pricing we at Riskfin can assist with obtaining the necessary pricing for a policy which complies with all your specific needs.
• Workers’ Compensation: This insurance will cover any claims that may arise in the event where an employee requires medical treatment, is disabled or dies due to an event which occurs during the normal execution of the employee’s tasks while employed by you.
• Product Liability: Product liability insurance works to protect your business in the event that the products which you produce or the service which you render cause damage to a third party and a claim is lodged against your business for compensation of these damages.
• Vehicle: Your company vehicles should be fully insured to protect your business against any liability in the event of an accident. At the very least you should insure your business vehicles against third-party injury, we recommend that you rather cover your vehicles with a comprehensive insurance policy.
• Business Interruption: In the event that your business operations are interrupted by a disaster a Business Interruption policy will protect your business against the loss of income to your business’ inability to continue with normal operations for a limited time period.

Insurance is designed to manage risks in the event of unfortunate incidents like accidents, damage to property, the environment or loss of life. However with ships, the stakes are higher as all factors are involved in the operation of a ship, i.e. risk of losing valuable cargo or expensive ships, the risk of damage to the environment due to oil pollution and risk of losing precious lives of the ship’s crew and passengers due to accidents.

• Hull: Hull insurance mainly caters to the torso and hull of the vessel along with all the articles and pieces of furniture on the ship. This type of marine insurance is mostly taken out by the owner of the ship to avoid any loss to the vessel in case of any mishaps occurring.
• Machinery: All the essential machinery is covered under this insurance and in case of any operational damages, claims can be compensated.
• Protection & Indemnity (P&I): This insurance is provided by the P&I club, which is ship owners mutual insurance covering the liabilities to the third party and risks which are not covered elsewhere in standard Hull, Machinery and other policies.
• Protection: Risks which are connected with ownership of the vessel. E.g. Crew related claims.
• Indemnity: Risks which are related to the hiring of the ship. E.g. Cargo-related claims.
• Liability: Liability insurance is the type of marine insurance where compensation is sought to be provided to any liability occurring on account of a ship crashing or colliding and on account of any other induced attacks.
• Freight, Demurrage and Defence: Often referred to as “FD&D” or simply “Defence,” this insurance provides claims for handling assistance and legal costs for a wide range of disputes which are not covered under Hull, Machinery, Protection or Indemnity insurance.
• Freight: Freight insurance offers protection to merchant vessels’ corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship being involved in an accident. This type of marine insurance solves the problem of companies losing money because of a few unprecedented events and accidents occurring.
• Marine Cargo: Cargo insurance caters specifically for marine cargo carried by ship and also pertains to the belongings of a ship’s voyagers. It protects the cargo owner against damage or loss of cargo due to ship accident or due to delay in the voyage or unloading. Marine cargo insurance has third-party liability covering the damage to the port, ship or other transport forms resulted from the dangerous cargo carried by them and many more policies are available we at Riskfin will assist you to select all the cover you would require.