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Leaving Cert Business

Insurance This is a contract where a person (the insured) pays a fee (a premium) to an insurance company (the insurer) in return for a promise to compensate the insured in the event of a financial loss occurring.=
Financial protection Businesses and households pay a relatively small premium to an insurance company every year for protection.=
PRSI Households only pay Pay Related Social Insurance on their income. Employers must pay PRSI for themselves and each member of their staff.=
Tax Businesses can treat insurance payments as a legitimate expense to reduce their tax bills. Households can not.=
Property Insurance full cover for a premises and contents against risks such as fore, explosion, storm, theft etc.=
Cash and valuables Insurance full coverage while on the premises during working hours and in transit to and from banks=
Third Party Motor Insurance covers damage caused by a driver to the other people and property. This is compulsory for all motor vehicles on public roads=
Third Party, fire and theft provides third party protection plus loss or damage to your own car from fire or theft=
Comprehensive Insurance provides third party, fire and theft cover plus compensation for any accidental damage that happens to your own vehicle.=
Public Liability Insurance covers a business against claims if a member of the public is injured in an accident that is considered the fault of the business=
Product Liability Insurance provides cover against any claims for harm or loss suffered through use of a firm’s products.=
Employer’s Liability Insurance protects a business against claims arising from accidents, injuries and illnesses suffered by employees as a result of their work.=
Consequential Loss Insurance provides financial compensation for loss of income in the event of a major risk occurring ( flooding).
Key person Insurance protects a business against loss of valuable staff members whoa re essential to the running of the business e.g. designer=
Fidelity guarantee Insurance protects the firma against dishonesty or fraud of a staff member. This is used where employees have access to bank accounts or valuable information=
PRSI Pay Related Social Insurance This is compulsory payment by employers and employees to the state.=
House Insurance covers building and contents against fire, burglary etc=
Mortgage protection Insurance is now required by all lenders before they will approve a mortgage loan to buy a house. If the borrower dies before the loan is repaid the insurance policy will cover the remainder.=
Health Insurance : covers the cost of health care in the event of illness e.g. VHI. Different policies exist to suit individual needs e.g. private hospital cover, GP fees.=
Personal Accident Insurance provides compensation if you have a serious accident. The amount paid depends on the seriousness of the accident.=
Life Assurance provides compensation to a named beneficiary in the event of the death of the insured person. It differs from insurance as it protects against an event that will happen.=
Whole-Life assurance the insured pays a premium for the rest of their life. Compensation is paid to next of kin after the death of the insured.=
Endowment life assurance compensation is paid when you reach a certain age e.g. 50 yrs or if you die before then which ever comes first. It’s a form of saving=