Every business owner has a need to overcome the risks in the industrial unit or manufacturing facility that he owns. Such as fires, equipment failures, boiler explosions, etc. One of these risks can cause loss of profit and interference from your business operations. Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes special forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance. Property is insured in two main ways:
A. General Risks
General risks guarantee all causes of losses that are not specifically excluded in the policy. Common exceptions to general risk policies include damage from earthquakes, floods, nuclear incidents, acts of terrorism and war.
Example: Property All Risks
B. Special Risks
Special risks require a specific cause of loss to be mentioned in the insurance policy that will be given. Common special risks include events that cause damage such as fire, lightning explosion, and theft.
Example: Fire Insurance
Benefit for the Insured
- Entrepreneurs can calmly and focus on running their business do not need to be too burdened to think about risk
- Guarantee loss for business interruption
- Guarantee losses for damage to insured property caused by all risks that are excluded