Insurance for Businesses 19/05/2019 CHAPTER 21 Insurance for Businesses This is the Title Slide R. DELANEY

R. Delaney Non-Insurable Risks Loss of profit due to sudden increases in the cost of production Loss of profit due to strikes Loss of profit due to changes in consumers’ tastes and fashions Loss of profit due to the entry of new rival firms into the industry Loss of profit due to the adverse effects of new legislation Loss of profit due to adverse effects of international trade agreements before the trade agreement Loss of profit due to bad management

Types of Business Insurance R. Delaney Types of Business Insurance Bad debt insurance Building insurance Burglary / theft insurance Cash in transit insurance Consequential loss insurance Employer’s liability insurance Fidelity bond insurance Fire insurance Goods in transit insurance Motor insurance Plate glass insurance Product liability insurance PRSI / (USC) Professional indemnity insurance Public liability insurance Sprinkler leakage insurance

Calculating a premium: Workbook, page 112, Q5 R. Delaney Calculating a premium: Workbook, page 112, Q5 Calculations Amount Premises 250 X €8 €2,000 Stock 80 X €5 €400 Subtotal €2,400 Less discount 10% of €2,400 €240 Total premium payable €2,160