Outline three types of insurance you would expect a business to have - Leaving Cert Business - Question A - 2016
Question A
Outline three types of insurance you would expect a business to have.
(20 marks)
Worked Solution & Example Answer:Outline three types of insurance you would expect a business to have - Leaving Cert Business - Question A - 2016
Step 1
Property / Buildings & Contents Insurance
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Answer
This type of insurance protects against the cost of damage caused by fire, theft, or flood on the premises of the business. It ensures that the physical assets of the business are covered against unforeseen circumstances.
Step 2
Public Liability Insurance
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Answer
Public liability insurance is essential for businesses to cover against claims made by any member of the public who is injured on their premises or through their business operations. This coverage helps protect against legal claims and compensations.
Step 3
Employer's Liability Insurance
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Answer
This insurance is required for businesses that employ individuals. It provides protection against claims made by employees for injuries sustained during the course of their employment. It is a legal requirement in many jurisdictions.
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