IF3 - Chapter 6 - Chapter 6: Insurance Products: Commercial Insurances

What are the four main areas covered in commercial insurance?

Property, pecuniary, liability and cyber insurance.

What is commercial property insurance designed to cover?

Loss of or damage to a business's buildings, contents and other property caused by insured perils.

What is pecuniary insurance?

Insurance protecting against financial or monetary losses, rather than physical damage or bodily injury.

What is business interruption insurance designed to cover?

Financial losses following an insured event that interrupts the normal operation of the business.

What is employers' liability insurance?

Insurance covering an employer's legal liability for injury or disease suffered by employees arising from their employment.

What is public liability insurance?

Insurance covering the business's legal liability for injury to members of the public or damage to their property.

What is products liability insurance?

Cover for legal liability arising from injury or property damage caused by products supplied by the insured.

What is professional indemnity insurance?

Insurance covering legal liability arising from professional advice, services, errors or omissions.

What is cyber insurance designed to cover?

Losses arising from cyber incidents, which can include data breaches, cyberattacks, system disruption and associated liabilities.