6 Types of Compulsory Nigeria Insurance

When it comes to businesses buying insurance in Nigeria there are several different types available. In fact, there are 6 different types of Nigeria insurance that was considered compulsory until March 2011. These 6 different types of Nigeria insurances are Statutory Group Life insurance, Employee’s Compensation, Occupier’s Liability, Motor Third Party, Builder’s Liability and Health as well as Health Care Professional Indemnity.

Statutory Group Life is for employers to offer their employees which would give them the life insurance families need in the event of a death of someone covered by it. Employee’s Compensation is the type of Nigeria insurance that took the place of Worker’s Compensation insurance. It covers people who are hurt on the job or who get a disease due to the course of their employment.

Occupier’s Liability covers public building insures against earthquakes, storms, floods and other acts of nature, including fire. Public buildings include tenement houses and other buildings occupied by a tenant. Motor Third Party covers motor vehicles and the drivers. It is unlawful to drive on the roads in Nigeria without the vehicle being covered by Nigeria insurance for motor vehicles. Nigeria insurance for builder’s liability has to do with buildings and construction work. Builder’s need to carry this kind of Nigeria insurance to cover their employees who are in the construction industries.

There is an advantage to providing compulsory Nigeria insurance and that is the tax benefit. Companies have the option of getting a tax benefit when they pay for compulsory Nigeria insurance. Small businesses need to keep up with the requirements for Nigeria insurance and be proactive about obtaining the right kind of insurance to reduce their risks. Look for these kinds of insurance policies and more information about Nigeria insurance online. There are several companies in Nigeria that offer the different kinds of required insurance policies. It is best to shop around and compare pricing when purchasing they insurance policy that you are required to have or provide for your employees.

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