Best Business Insurance In Mauritius- Quantum Insurance

1. ENTERPRISE’S RISKS INSURANCE AS A RISK TRANSFER MECHANISM TO BUSINESS RISKS

2. How to classify the risks your business face? Frequency Non-Insurable Risks High Insurable Self Insurable Risks Low Insurable Severity Low High

3. What is business insurance? Easiest and most common way to transfer risk from your business • Protects your balance sheet and de-risking of your investment • Protecting from financial ramification of having an unforeseen incident occur • Must haves (by Law) vs. Voluntary policies Goal: Specialized package that is designed specifically for your line of business

4. Overview of the primary types of business insurance Legal Financial Fire and Special Perils Public Liability: products, landlords & tenants Loss of Profits/Revenue Motor Employer’s Liability Transportation Fidelity Guarantee Contractors Liability Group Personal Accident Money

5. Public Liability Look at your liability from the outside rather than limiting it to internal operations. Have all stakeholders’ exposure in mind when deciding on the limit of cover! Legal responsibility towards third party (excluding employees) for bodily Injury / property damage arising from your business What it is? Expert’s Tip: • Indemnity and legal costs associated • Liability as tenants or landlords are also covered • Producing/supplying/delivering? • Products Liability should be considered under the Public Liability What it covers? Who’s it for? All Businesses

6. Employer’s Liability Ensure that you’re fully compliant with the Occupational Health and Safety Act and that employees are trained in terms of Health and Safety practices Legal responsibility towards your employees for bodily injury sustained in the course of their employment What it is? • Indemnity and legal costs associated when being sued for injury/death of employee • Replacing employee's wages for up to 2 weeks in case of temporary disablement Expert’s Tip: What it covers? Who’s it for? All Businesses

7. Fire and Special Perils • The Sum Insured and what you’ll be paid in for a loss are directly related • Do not Insure your assets on a depreciation basis Protects the assets of the business against physical loss or damage in case of an unexpected insurable event What it is? Expert’s Tip: • Pays for the costs of the damaged or lost items (building, equipment , machinery etc.) as a result of an insured peril such as fire, cyclone, burglary and others What it covers? Businesses with assets or financial assignation from loans or leasing facilities Who’s it for?

8. Loss of Profits/Revenue Make sure the policy limits are sufficient to cover your company for more than a few days: After a major event it can take more time than expected to get back on track Protects your business against financial loss directly caused by an unexpected insurable event What it is? Expert’s Tip: Compensates for loss of Gross Profit/Revenue and for an increase in Cost of Working due to disaster-related damage covered under your property insurance policy (fire, cyclone, flood etc.) What it covers? Most common for businesses involved in manufacturing, retail and distribution Who’s it for?

9. Commercial Motor Insurance For several vehicles choose fleet facilities: Only one policy with one renewal date to ease administration and may entail better terms When a vehicle used for commercial purposes (deliveries, transporting, hauling tools etc.) a commercial motor insurance is required What it is? Expert’s Tip: • Covers legal liability as well as own damage, cyclone, fire, theft andmore • Covers vehicles with special equipment as tools of trade that may not be covered under abasic motor policy What it covers? Businesses with goods vehicles or vehicles used for distribution Who’s it for?

10. Transportation (Marine and Inland) Insurance that covers goods during their transport - door to door or warehouse to warehouse Ensure you understand the cover granted, exclusions if applicable and any excess applicable before you buy the insurance cover What it is? • Loss, damage or theft of commodities arising during the transits; Including events of fire, explosion, accidents etc. • Costs involved in getting the goods to final destination (freight, duty etc.) Expert’s Tip: What it covers? Importers, exporters and local distribution of goods Who’s it for?

11. Fidelity Guarantee Insurance The insurer will take into consideration the internal control practices of supervisions, audits, bookkeeping etc. The characteristics of SMEs leave them open to employee fraud as it has usually less formal structure; Runs the risk of a breach of fidelity What it is? Expert’s Tip: Pay for losses sustained as a direct result of acts of fraud, theft, embezzlement or dishonesty by employees What it covers? Who’s it for? Organisation with employees

12. Money Insurance • Change your banking days/time regularly • Money on premises to be kept in locked safe after operating hours What it covers? What it is? Expert’s Tip: • Covers for loss of or damage to money by any cause • Money collected and in transit can also be insured • Covers also locks, keys, safes etc. Money is always susceptible to mishaps such as burglary; To protect against this risk, ‘Money Insurance’ cover may be subscribed Who’s it for? Mainly retail businesses with frequent cash transactions

13. Group Personal Accident Categorize your employees and benefit from a better rate for administrative workers An accident may happen any time (not only at work) and may cause bodily injury, death or bodily injury leading to permanent disability What it is? Expert’s Tip: • Compensation for permanent disability or death caused by an accident • Medical expenses associated with an accident What it covers? Who’s it for? All Businesses