– RETAIL COMPANY –
With the rise of middle class population all around Asia and an increasing demand for consumer goods, retail industry got great perspectives.
Their risks are focused on their third party (consumers) liability in case of bodily injury or property damages arising in their premises or through products they are selling.
Commercial General Liability (Combining Product Liability and Public Liability Insurance) as well as Product Recall are the principals covers of those businesses.
Besides this, here are a set of cover that shall study any Retail Company 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.
With globalization of exchanges, it becomes important for companies to protect their account from unexpected loss due to non-payment from their clients.
This is the purpose of Trade Credit policy to help facing unpredictable economic cycles.
Trade Credit Insurance protect from loss due to the insolvency but also caused by political events.
It can cover both domestic and export sales but is mainly useful for export companies.
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 Recall Insurance covers expenses associated with recalling a product from the market.
Product recall insurance is typically purchased by manufacturers and trading such as F&B, consumer goods, toy and electronics companies.
It can be mandatory and requested by a regulatory agency or a government.
Coverage generally applies to your company but can be extended to cover the costs of third parties.
Directors & Officers Liability
Directors’ and Officers’ Liability Insurance (D&O) is a coverage that aim to protect personal property and liability of directors, managers and executives, for claims related to their actions or decisions taken in the course of their duties .
If at the origin this type of policy were dedicated to D&O of large company to protect them against claims from their shareholder, more and more D&O of SMEs are now considering those policies to protect themselves against risk of their functions.
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.