– F&B COMPANY –
F&B industry represent a wide range of company types from Importers to Restaurants, Bars and Clubs.
Importers are facing same issues than trading companies concerning their liabilities on their products and are more inclined to face recall on a full range of products.
Product Liability (or Commercial General Liability (CGL) Insurance) and Product Recall are the principals covers of those businesses.
Restaurants, Bars and Clubs see their main risks in the facts they are receiving public in their premise and have their staffs more exposed.
They should focus on their Public Liability and Employer’s Liability.
Besides this, here are a set of cover that shall study any F&B Business to limit their risks.
Property All Risks
Property All Risks Insurance is one of the most basic insurance policy. It is designed to cover your tangible assets from accidents.
It essential to protect your premises, equipment, inventory and vehicles against accidents or risks to your business.
You can also get extension to cover typhoon or earthquake in certain country.
Public Liability Insurance covers any injury to property and persons that happens within your place of business.
It protects your company for the risks but also covers your legal expenses in the face of lawsuits.
It is most of the time extended to your employees liability when their jobs brings them out of your premises.
Employer’s Liability Insurance Policy covers the liability of employers for injury and disease caused to their employees at work.
Depending on the country where your business is located, the law will imposes duties on employers to protect their employees and third party in the workplace.
Breaching this responsibility which is resulting to injury or disease to an employe can be a criminal offense.
Marine Cargo Insurance are covering cargo wether by sea, air or land and are taylor made depending of different factors:
- The nature of the goods and packaging.
- The mode of transport (ocean, the name and age of the vessel).
- The route provided.
- The value of the goods.
- The nature of the guarantees covered.
- The volume of transactions to insure.
Product Liability Insurance covers injury and damages, tangible or intangible that can be caused to a third party by a product of your company.
It covers goods who depend on it during its operation.
It also covers damages that may occur from the good after their delivery.
Joined with Public Liability, it is also call Commercial General Liability (CGL) insurance.
Employee Benefits (EB) are getting more and more attention in Asia where business environment is very competitive.
It includes Accident insurance, Group Medical insurance, Term Life insurance, Critical Illness insurance, hospitalization allowance and maternity.
Those benefits can be extended to your employee’s family.
Fidelity Guarantee Insurance is most often sought by companies where employees are constantly exposed to cash, stocks or other assets.
The coverage has been designed to indemnify the Company for the loss of money/stock/assets sustained as a direct result of acts of fraud, theft or dishonesty by one of its staff.