Group Insurance
A policy taken to insure a number of people at once, instead of insuring each person separately — suited to a company’s workforce or a sports team.
| Contribution (a doctrine) | Group Insurance (a policy type) |
|---|---|
| The risk is insured with many insurance companies | One insurance company covers many employees |
| Each company is liable for only a portion of the loss | The company is liable for everyone under the single policy |
Export Credit Guarantee Insurance
Taken by exporters against the risk of bad debts from selling goods to overseas customers.
Insurance Broker vs Insurance Agent
A broker is an expert intermediary who educates the person seeking cover, provides the proposal form, and guides them through it. An agent looks for customers on commission.
Policies a Shop or Company May Subscribe To
- Burglary and theft: protects against losses from break-ins and theft.
- Fire insurance: covers fire risk to buildings and goods.
- Fidelity guarantee: covers loss from employee embezzlement or fund mismanagement.
- Goods in transit: covers damage or loss while goods move between transport means.
- Motor vehicle insurance: protects business vehicles and third parties.
- Plate-glass insurance: covers replacement of windows and plate glass.
- Employer’s liability: covers employees against workplace accidents or illness caused by employer negligence.
