Insurable Interests Business and Personal Insurance Policies

• Define insurable interests, business, and personal insurance policies

You and a colleague are starting a new business. Your colleague knows everything about the product and service you are providing. You are experienced in business and administration. Your colleague tells you that she wants to handle the product and service quality and that you can handle all business matters.

She also tells you that this new business will require an office, warehouse space, delivery vehicles, machinery and other general items needed to operate an office and manufacturing warehouse. You will have about thirty employees.

She asks you what you plan regarding obtaining insurance coverage for the company. Describe the types of insurance coverage you feel are necessary to cover the business, its owners, and employees and explain why. For the purposes of this discussion, exclude any reference to health insurance coverage.