ABC is a newly started Life Insurance Company, which sells its products through banks, agents and brokers. Enumerate and explain the various general insurance policies that would be appropriate and necessary for ABC Life

ABC is a newly started Life Insurance Company, which sells its products through banks, agents and brokers. Since insurance company is also a business organization, it is exposed to many risks. Hence, as an organization, it is also obligated to provide safety and security to its employees, and provide safe working conditions. Hence, the various general insurance policies that would be appropriate and necessary for ABC Life Insurance Company to manage its various risk exposures arising from its financial and business operations as well as providing some general insurance cover to its own employees include the following: Liability insurance to indemnify the company from legal damages in the form of compensation to a third party arising out of some form of negligence. Such covers include: Employers' liability (e.g. compensating an employee or their estate for accidents caused by negligence of the employer or other employees). Motor third party liability (e.g. third-party claims from company owned cars involved in accident). Public liability (e.g. compensating a third party for damages from say, a falling object within the company's office). Product liability. Professional indemnity (e.g. insurance for Directors and Officers of the company). Property damage insurance to protect from loss of. or damage, to own material properly. Examples include, the company insuring its fixed assets, cars, other vehicles, other office property and other own property. Financial loss insurance covers: Pecuniary loss (e.g. borrower defaulting on interest payment). Fidelity insurance (e.g. employees involved in financial fraud, cash in transit) Business interruption (e.g. losses from disruption of business due to fire). Fixed benefits (e.g. health insurance and personal accident insurance for employees) such as Group Medi-claim insurance policy. Group Personal Accident insurance policy).