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Learn About Six Types of Corporate Insurance Policies

Learn About Six Types of Corporate Insurance Policies

Learn About Six Types of Corporate Insurance Policies

If you own an institution, a company or a project or want to establish a project and need to know the different types of insurance policies for companies and organizations, which ensure the safety of your project and business, read this article to find out what type of insurance is right for you.

  1. Properties Insurance:

Property insurance is divided into several types that cover all the property of the company or organization (assets and property according to the type of business activity). These types are:

  • Property Insurance.

  • Business Interruption Insurance

  • Engineering Insurance.

  • Car Insurance.

  • Marine Insurance.

  • Energy Insurance.

  • Aviation Insurance.

Property insurance policy covers all risks which could occur to the business, such as: 

  • Fire or theft risks.

  • Products physical damage or loss caused by fire, drowning,  or collision  during transportation by sea, land or air.

  • Some risks are not covered by insurance policy, such as:

    • Damage caused by natural hazards such as floods.

    • War risks.

    • Damage from terrorist acts.

  1. Cash Insurance:

Which includes two types of insurance policies:

  1. Money Insurance:

By money here it means cash, checks, securities, current postage stamps, etc. In this case the insurance policy covers:

  • Transfer of funds from the company to the bank and vice versa.

  • Having money outside the treasury during working hours.

  • The presence of funds in the custody of the company's employees.

  1. Breach of trust insurance:

It is intended to protect against the risks of dishonesty or resulting from the negligence of employees and includes:

  • Embezzlement.

  • Counterfeiting.

  • Corruption.

  • Robbery.

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  1. Employee insurance:

 It is insurance for the company’s employees or workers, it covers:

  • Injuries occurred to employees and workers during work: temporary injuries, permanent disability or death.

  • Medical Insurance.

  1. Car Insurance

Car insurance for the company or organization is third party liability insurance or comprehensive insurance. 

Find out more about Cars Insurance for Companies

  1. Civil Liability Insurance:

This insurance includes the following policies:

  1. General Liability Insurance:

  2. Civil Product Liability Insurance.

  3. Professional Civil Liability Insurance.

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  1. Marine Insurance:

Marine insurance is one of the most important insurance types because it includes:

  • Ship hull insurance. This insurance includes the ship building phase or the work phase. It covers all damages occur during the insurance period, including the cost of repair, replacement or replacement of any defective part.

  • Insurance of goods transported from one state to another on board ships: which covers loss or damage of goods transported by any type of transportations and also includes the transfer process from the warehouses of the exporting country to the stores of the importing state.

  • It also includes yacht insurance which covers the period of its construction or /and all damages may occur during the insurance period.