ZIMSEC O Level Commerce Notes: Insurance: Business Insurance
- Covers goods during the transportation from the time they are loaded onto the transport vehicle until the time they are offloaded at their destination.
- The policy may be specific e.g. it states the type of cargo being carried and the risks insured or it
- can be comprehensive ie. Covers all the cargo risks.
- A legal requirement under workman’s compensation e.g. National Social Security Authority of Zimbabwe.
- Is taken by the employer to:
- cover employee’s claims against injury or death at work or diseases caused by employment e.g. cancer induced by workplace chemicals.
- Covers injury due to negligence of the employer.
- Compensates the employee.
- Is taken by the employer to cover loss against theft or fire.
- It covers:
- Loss resulting from an insured loss
- Loss resulting from temporary closure of the business after a fire damage.
- Loss of revenue, income from rents , costs of salaries payable to employees, cost of leasing the building and standing charges e.g. interest on debentures.
- Ensuras that a firm continues to receive reasonable payments in lieu of profits.
- Assists businesses to pay rent or tes whilst the business is closed.
- Is taken out by the employer.
- To cover against dishonesty of employees who handle money.
- Provides security to employers against embezzlement, misappropriation of funds and forgery.
- The insurer resources the money stolen by the employee.
- Usually after the employee has been convicted in a court of law.
- Taken by the employer.
- Covers claims made by the public.
- Who get injured withing the firm’s premises e.g. A shopper injured by a falling item.
- Pluvious means “to do with water.”
- Covers against outdoor activities being disturbed by rain or a storm.
- Is taken by building owners e.g. shop owners.
- It covers against damage to the building’s display windows.
To access more topics go to the Commerce Notes page.
Quick NetOne, Telecel, Africom, And Econet Airtime Recharge
If anything goes wrong, click here to enter your query.