Each business owner must be protected against the liability and unexpected perils which may occur at any point. Be it Fire & Allied Perils, Public Liability, Employers Liability or Loss of Profits, it is important to understand the differences between the purposes each type of insurance serves, so that the insured can purchase the right amount of insurance for his business. Our role is to help you understand the ends and outs of insurance so that your insurance choices are wiser and cost effective.
Fire & Allied Perils
You need this policy to protect yourself against unforeseen contingency caused by accidental fire, natural calamities such as cyclone, explosion/implosion, burglary and manmade perils such as riots. When we calculate the level of cover and premium cost, we will take into consideration the value of the property, the nature of business, the type of construction, the location of the premises, the state of housekeeping, etc. We recommend our clients to obtain a professional valuation of your property and its contents to ensure that everything is covered.
Public Liability
This type of insurance is designed to protect business owners against claims that result in legal proceedings and these claims can arise from several circumstances but negligence is the main trigger. The cost of public liability insurance can vary due to the diverse nature of business and the type of industry your firm operates in, and can depend on details such as the size of the business, level of interaction with the public, scale of contracts, your claim history, etc.
Employers Liability
A liability policy which covers for your responsibility as an employer in the event of accidental death or bodily injury of the administrative or manual employee(s) during working hours. The cover provides for 3 indemnities: (i) common limit of MUR 100,000,000 as indemnity in the event you are being sued for negligence leading to injury or death, (ii) refund of first 2 weeks of salary further to an injury at work and (iii) medical expenses provision of up to MUR 4,000 further to an injury at work.
Group Personal Accident
This is a benefit policy which also helps in attracting employees. Further to any injury or death occurring 24/7 and anywhere in Mauritius (or worldwide depending on the policy), you can provide that employee 6 times the annual salary in case of death, 8 times the annual salary in case of permanent disablement and limit for medical expenses which can be above MUR 4,000 limit.
Loss of Profit
If you have a Fire & Allied Perils policy in place, you need to consider including a Loss of Profit further to a Fire & Allied Perils cover which will cover the consequential loss further to any claim listed among the perils in the policy. It will cover the loss of gross profit& /or increase in cost of working due to a reduction in turnover because the activity stopped.
Money Insurance
When your business involves considerable transaction in cash, you should definitely protect yourself against theft or burglary as the rate of attacks on premises or during transit from office to bank is increasing each year. The most important is to prioritize safety and then the insurance will assist for the loss of the cash.