Life Insurance and
General Insurance Business
These classifications are further categorized as follows:
1. Life Insurance Business
2. Individual life insurance business
3. Group life insurance business and
4. Health insurance business
GENERAL INSURANCE BUSINESS
Fire insurance business
General accident insurance business
Motor vehicle insurance buainess
Marine and aviation insurance business
Oil and gas insuranxe business
Engineering insurance business
Bonds, crediy guarantee and suretyship insurance business; and
Miscellaneous insurance business
Insurance Policies Required for Business
Liability insurance:
One of the most sought after genre of policies by businesses
General Liability Coverage includes;
Body injury liability coverage: help protect someone incase injury occur to other people from ones operations.
Property damage liability coverage: protection in case damage occurs to the property of others.
Advertising injury liability coverage: helps cover ones legal liability for a variety of offences arising out of the advertising of ones business's goods and services.
Workers compensation coverage: in line with the workmen's compensation decree of 1987, all business must provide workers compensation coverage for the benefit of their employees who may be injured while on the job. This requirement of the law in Nigeria is satisfied by purchasing workers compensation insurance, which is available from private insurance companies that are licensed by NAICOM
NOTE:
Any micro business that wants to purchase insurance to insure the business against any risk does that from a private insurance company licensed by NAICOM through a registered agent.
