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Distinguish between 'Public Liability' and 'Fidelity Guarantee' as types of insurance - Leaving Cert Business - Question 3 - 2009
Question 3
Distinguish between 'Public Liability' and 'Fidelity Guarantee' as types of insurance. (a) Public Liability Insurance is: (b) Fidelity Guarantee Insurance is:
Worked Solution & Example Answer:Distinguish between 'Public Liability' and 'Fidelity Guarantee' as types of insurance - Leaving Cert Business - Question 3 - 2009
Step 1
Public Liability Insurance is:
Answer
Public Liability Insurance is a type of insurance coverage that protects a business against claims made by members of the public. These claims can arise from injuries or losses that occur on the business premises or as a result of the business's actions, typically through negligence. This coverage is essential as it ensures that the business is financially protected against legal claims and associated costs.
Step 2
Fidelity Guarantee Insurance is:
Answer
Fidelity Guarantee Insurance is designed to protect a business against financial losses due to dishonest acts committed by employees, such as theft or fraud. This type of insurance provides coverage for the business against potential losses incurred as a result of employee misdeeds, thereby safeguarding the company's financial integrity.