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Types of insurance for loss minimization in business activity

In absolute expression the risk can be defined by the size of possible losses in material and material (physical) or value (monetary) term if only the damage gives in to such measurement.

It is expedient to divide losses which can be in business activity into material, labor, financial, losses of time, special types of losses. To each allocated type of losses there corresponds rather wide list of the types of insurance promoting their minimization.

It is natural that initial assessment of a possibility of their emergence and size should be made for each of types of losses in a definite time, covering month, year, the term of implementation of an entrepreneurship.

When carrying out the complex analysis of probable losses for risk assessment important not only to establish all sources of risk, but also to reveal what sources prevail.

Types of losses in business activit Types of insurance
Material -
are shown in unforeseen by the entrepreneurial project additional costs or real loss of the equipment, property, products, raw materials, energy, etc.
  • proprietary insurance of legal entities
  • cargo insurance
  • insurance of installation and construction works
  • insurance of machines and mechanisms upon breakages
  • goods insurance in a warehouse
  • insurance of automobiles
Labor -
are the losses of working hours caused accidental, contingencies.
  • insurance upon a break in production
Financial -
are the direct pecuniary damage connected with unforeseen payments, payment of penalties, payment of additional taxes, loss of money and securities.
  • insurance of the innovation and investment risks
  • insurance upon a break in production
  • insurance upon non-execution of contractual commitments
  • financial risks insurance
  • title insurance
  • liability insurance for goods quality, works (services)
  • insurance of professional responsibility
Special types of losses -
are shown in the form of drawing a damage to health and life of people, to the environment, prestige of the entrepreneur and also owing to other adverse social and moral and psychological effects.
  • voluntary medical insurance
  • accident insurance
  • ecological insurance
  • enterprise liability insurance - sources of enhanced danger
  • insurance of the all-civil responsibility