We know that with business come great opportunities, but also a number of challenges, responsibilities and risks that need to be managed. That is why Equity Insurance Brokers Limited (EIBL) can help to identify these risks and help to put in place solutions that are tailor-made to meet your needs and transfer the risk outside of the business.

Business Insurance Package

A business insurance package is a combination of various types of cover that can be tailor-made to each individual business needs. A common business insurance policy will contain a section for fire & perils, business interruption, theft, money, glass, public liability, machinery or computer breakdown, general property and goods in transit. A brief explanation of the cover available under each section follows:

Fire & Perils

This is one of our main covers in which you can insure buildings, your contents (which are generally defined as anything you don't sell), stock for sale and work you have in progress. You can also include the cost of removing debris, rewriting of records, employees goods and any other cost that you might have following a loss. Accidental damage can also be included as an option. Standard insured perils are:

• Fire
• Lightning
• Explosion
• Malicious damage
• Impact damage

The fire & perils section requires that you insure the items for full replacement value (except stock which is insured at invoice cost). Claims are settled on a replacement value basis, meaning the actual cost to replace the item. It is imperative that the sum insured you select represents the full replacement value of your assets. Failure to insure for the replacement value can result in the amount of a claim being reduced proportionally by the amount that you are underinsured.

Business interruption

This section is also known as loss of profits. It covers the loss of your gross profits following a claim under either the fire & perils or theft sections. Cover can also be included for any additional costs incurred as well as professional fees to prepare your claim.

Note: Failure to insure for the full value can result in a claim being reduced below the actual loss suffered so always have the figures recorded accurately.

Theft

This cover is for "lost" contents and stock as a result of theft due to forcible and/or violent entry. Extra costs such as the cost of replacing locks & keys can also be insured. Our regulations do not require that you insure the full amount of your contents or stock.

Money

Money can be insured whilst on your business premises, in transit to or from the bank, in a locked safe or at your or your employee's private residence.

Glass

This cover is for both internal and external glass, including signs and sign writing, for the replacement value following damage.

Public & products liability

Public Liability

Covers you and your employee's legal liability to others, following an incident which causes property damage to other people's property or personal injury to someone and for which you are found to be negligent in causing the damage or injury. Note that there are many extensions and exclusions that apply to different types of businesses. We can advise on the correct coverage depending on your circumstances. Products Liability Covers your liability to others following illness to or death of a person after consuming a defective product (drink or food) manufactured or prepared in your factory/plant.

Machinery / computer breakdown

This cover is for repairs to your machinery or computers following a breakdown in which there has been physical damage. In the case of machinery breakdown, cover for stock in cold storage can also be insured. Extra costs such as re-installing data and hiring equipment can be included on the computer sub-section.

General property

Under this cover we insure gadgets such as mobile phones and notebook computers. Standard cover is fire & perils, theft from locked vehicle or premises following forcible entry and accidental damage. Items must be individually specified with make, model, serial number and value.

Goods in transit

This is a cover for stocks whilst in transit between your suppliers, yourself and your customer's premises. Cover can be arranged whether you are carrying the stock yourself or engage professional couriers. Standard cover is fire & perils, theft, pilferage& non-delivery and accidental damage following an accident involving the conveying vehicle. Whether goods are in transit via road, sea or air; we have you covered throughout.

Workers compensation

Workers compensation is compulsory for all employers in Tanzania. In general workers compensation covers the loss of wages, as well as medical expenses, following an injury or illness that occurred at work. The premium is a percentage amount of the gross wages you pay. You are required to submit a declaration form stating the exact amount of wages paid during the period work. The premium is then adjusted up or down, depending on whether you under or
over estimated the wages.

Professional Indemnity

Professional Indemnity policies, in general, provide cover for the advice you give. The policy covers costs and expenses incurred in the defense or settlement of a claim. Professional indemnity is a very specialized area of insurance and the extent of cover varies depending on your occupation and the level of advice you give. To provide a quotation, a proposal form must be completed, along with a resume for all of the principals of your business.

Other Covers

The following covers are also available:

• Directors & officers liability Cover
• Tax audit insurance
• Debtors insurance
• Group & individual personal accident
• Corporate & domestic travel insurance
• Monthly payments for general insurance (commercial only)
• Marine insurance
• Aviation Hull and Liability insurance