From customised machinery to electronic equipment, your business assets play a vital role in the success of your operations. Our Assets All Risk insurance provides protection for business property that is accidentally physically lost, destroyed or damaged by anything other than the excluded causes listed below. This means that you’re covered for almost every eventuality, which makes your coverage broader and easier to understand too.
Examples of excluded causes are:
- Damage caused by defective design materials or workmanship
- Willful acts or negligence by the insured
- Acts of fraud or dishonesty
- Disappearance, unexplained or inventory shortage
Some property is also excluded, such as money, electronic installations, vehicles and boilers.
It is an insurance protection policy against theft within your business or trade premises of your business-related assets such as
- Fittings and fixtures
- Goods held in trust or on commission
- Machinery and tools
- Designs, patterns and moulds
- Office equipment of every description
It also covers damage to the property insured &/or premises due to theft.
Holding cash in your business brings with it a host of risks, so it’s best to be covered for unexpected or unwanted events. Money Insurance covers your business for loss, damage or destruction of money in-transit, cash in your safe/s, cash held on your premises (including hold ups).
You can also take out additional cover to protect your business against loss, destruction or damage to any safe, strong room or till caused by someone else during a theft or an attempted theft. You can also get cover for damage to clothing or personal effects sustained by you or your employees, by a person attempting to steal money from your business.
At Claim, we have built a varied client bank over the past 40 years and we have direct experience of most trades. This helps when it comes to arranging your commercial insurance as we can advise you on the correct type of policy for your individual requirements.
Generally, it is not very economical to take out individual covers and there are many “package” insurance policies available, which encompass a number of the elements, based on your business type. When you contact Claim, we will assess your requirements and advise you on the best policy available for your individual needs.
What Fire Insurance Allied Risks covers.
- Explosions – Covers domestic explosions and associated fires. This excludes steam generating boilers, economisers or other vessels, machinery or apparatus or their contents resulting from their own explosion or implosion.
- Windstorms – Covers complete roofed buildings and contents thereof. This excludes partially constructed building and good stored in the open.
- Earthquakes or volcanic eruptions – Covers against loss or damage caused either by earthquake shock and fire or volcanic eruption.
- Burst Pipes – Bursting or overflowing water tanks, apparatus or pipes.
- Floods – Covers against severe weather conditions that cause loss or damage due to rapid rise in water levels.
- Aircraft damage and/or articles – Covers loss, destruction or damage caused by aircraft, other aerial or space devices and articles dropped from them. This excluding those caused by pressure waves.
- Impact damage – Covers loss of or visible physical damage or destruction caused to your insured property due to impact by any rail/road vehicle or animal by direct contact that is not owned by:
– The insured or any occupier of the premises or
– Their employees while acting in the course of their employment.
- Direct loss or damage to your property that is caused by strikers and/or riots.
- The loss or damage to your property caused by any malicious act.
Does your business buy raw materials that are then converted into finished products? Or maybe it regularly transports goods to your end customers? Our Goods in Transit insurance will protect your business against the accidental loss of or damage to goods being transported by roads within Ghana, caused by any of these events:
- An accident to the transport vehicle
- Theft following violence or threat of violence against your employee or carrier, other than at your own business premises
If members of the public or customers come to your premises or you go to theirs, you should think about taking out public liability insurance.
What the insurance covers
This type of insurance covers any awards of damages given to a member of the public because of an injury or damage to their property caused by you or your business. It also covers any related legal fees, costs and expenses as well as costs of hospital treatment.
Premiums depend on the type of business you run, your turnover and the number of employees you have.
There are many conditions, exclusions and warranties that can be applied to public liability policies. It is important therefore, that you discuss with Claim Insurance Brokers any that are applicable to your policy.
If you work from home, and customers or members of the public visit you there, you may also want to think about taking out public liability insurance.
In product liability insurance (PLI) terms, a product is any physical item that is sold or given away.
Products must be “fit for purpose”. Under the Consumer Protection Act 1987, you’re legally responsible for any damage or injury that a product you supply may cause.
If you supply a faulty product, claimants may try to claim from you first, even if you did not manufacture it. You’ll be liable for compensation claims if:
- Your business’ name is on the product – ie the manufacturer made it for your brand
- Your business repairs, refurbishes or changes it
- You cannot clearly identify the manufacturer
- The manufacturer has gone out of business
Otherwise, the manufacturer is liable – or the processor, where the product involves parts from multiple manufacturers. However, you must also:
- Show that the products were faulty when supplied to you
- Show that you gave consumers adequate safety instructions and warnings about misuse of how that you included terms for return of faulty goods to the manufacturer or processor in any sales contract you issued to the consumer
- Make sure that your supply contract with the manufacturer or processor covers product safety, quality control and product returns
- Have good quality control and record-keeping systems
The nature of risk, ie the viability of a claim and the premium, is affected by:
- Who the product is sold to
- How and where it is used
- Any warnings or labels provided
What is covered
PLI covers you against compensation awarded as a result of damage to property or personal injury caused by your product.
PLI may not cover you against financial losses to a business or person caused by a faulty product which you manufactured, serviced or supplied.
PLI also covers you against unforeseen circumstances, such as product faults your quality control system couldn’t trace. However, if you simply make an inferior product, you may be unable to make a claim, or even get insurance. Bad workmanship is not covered either.
Before issuing a policy your insurer will want to know that your:
- Manufacturing or services are conducted according to industry best practice
- Staff are adequately trained
- Equipment and systems are appropriate, up to date and well maintained
To reduce your premiums, implement quality control measures. This ensures lower premiums, reduces the risk of compensation claims and helps protect your reputation in the marketplace.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Life insurers have diversified their products into retirement products such as annuities.
1. Motor Third Party
In terms of Ghanaian Law, the Motor Third Party Act 1958 stipulates that all vehicles must be covered for unlimited bodily injury and death compensation to third parties, such as fare paying passengers and pedestrians. Motor Third Party cover also offers you emergency treatment and provides personal accident cover for the insured or driver and occupants of the vehicle. Damage to third party property is also covered.
2. Third Party Fire and Theft
This type of motor insurance provides cover for loss of or damage to your vehicles as a result of theft or fire, as well as third party liability.
Our most extensive type of motor insurance for your business, our comprehensive insurance provides protection to your vehicle/s against the following:
- Accidental collision or overturning
- Fire, external explosion, self-ignition or lightning
- Theft, burglary, house-breaking or malicious acts
- Floods, storms, earthquakes, riots, strikes and civil commotion.
- Third party property damage, injury and death for which the insured is legally liable.
Being injured in an accident can drastically change life as you know it, as well as the lives of those closest to you. An accidental injury could leave you temporarily or permanently disabled, making it difficult to look after your family – not to mention the extra medical expenses you will have. In the event that you lose your life, you will no longer be around to provide for your family and loved ones.
It is important that you are prepared to deal with any major accident or injury that could potentially result in disability or death. When you buy a personal accident insurance policy you and your family are covered against temporary and permanent disability, and death caused by an injury.
Personal injuries can adversely affect your earning capacity, daily expenses, well-being and lifestyles of your family in many ways. Our personal accident insurance gives you 24-hour cover, which means you are not limited by the activity you are partaking in at the time of the accident. So you will receive cover regardless of whether you are at work or not when the accident happens