The main covers a business needs
Every business carries risks that could stop it trading. Takaful lets a business share those risks with other participants through the participants' risk fund. Most business programmes are built from several covers:
- Property: buildings, stock, machinery and fittings against fire and the other perils in your schedule
- Business interruption: lost income and extra costs while you recover from covered damage
- Money: cash on your premises, in a safe or in transit
- Fidelity: loss caused by an employee's dishonesty
- Liability: your legal responsibility for injury to people or damage to their property
- Engineering: machinery breakdown, and construction or installation projects
- Marine: goods in transit by sea, air or land
Not every business needs every cover. A trading company that imports goods may put marine and stock cover first. A contractor may focus on engineering and liability. A shop that handles a lot of cash may value money and fidelity cover.
Start with a simple question: which single event would hurt the business most? A fire at the main warehouse, a key machine breaking down, or a large claim from a member of the public. The answer usually shows where cover matters first, and where you can build from there.