1. Life Insurance
Purpose: Provides financial support to beneficiaries after the policyholder’s death.
Types:
- Term Life Insurance: Covers a fixed period (e.g., 10, 20, or 30 years); cheaper.
- Whole Life Insurance: Covers the entire life of the insured and builds cash value.
- Endowment Policies: Combine insurance and savings; pay a lump sum on maturity or death.
Best For: Individuals with dependents, business owners (key person insurance), or anyone planning estate transfers.
2. Health Insurance
Purpose: Covers medical expenses due to illness, injury, or hospitalization.
Key Features:
- Inpatient & outpatient treatment
- Surgery, specialist consultation, diagnostics
- Optional: Maternity, dental, or vision coverage
Best For: Everyone, especially in places where private healthcare costs can be high. In Mauritius, this complements public healthcare services.
3. Motor Insurance
Purpose: Covers vehicles (private or commercial) against damage, theft, or accidents.
Types:
- Third-Party Only: Mandatory in Mauritius; covers damage to others.
- Third-Party, Fire & Theft: Includes basic coverage + theft/fire.
- Comprehensive: Full protection including own damage and theft.
Best For: All vehicle owners, especially businesses using delivery vans, taxis, or service vehicles.
4. Property Insurance
Purpose: Protects physical assets from damage due to fire, theft, flood, cyclone, etc.
Variants:
- Home Insurance: Covers residential buildings and contents.
- Commercial Property Insurance: For offices, factories, stock, and equipment.
- Natural Disaster Add-ons: For places prone to cyclones or floods (important in Mauritius).
Best For: Business owners, landlords, and homeowners.
5. Travel Insurance
Purpose: Covers losses or mishaps while traveling.
Covers:
- Medical emergencies abroad
- Trip cancellation/delays
- Lost baggage
- Personal liability
Best For: Business travelers, tourists, or students going abroad.
6. Business Insurance (Commercial Insurance)
Purpose: Protects a business against operational risks.
Common Types:
- Public Liability Insurance: Covers claims by third parties (e.g., injury on your premises).
- Employer’s Liability Insurance: Covers injury/illness of employees at work.
- Professional Indemnity: For service providers (e.g., consultants, architects).
- Business Interruption Insurance: Compensates for lost income after a disaster.
Best For: Small businesses, especially those in construction, consulting, food service, and retail.
7. Marine and Cargo Insurance
Purpose: Protects goods during transport over water, air, or land.
Covers:
- Damage/loss during shipping
- Freight, liability, and hull insurance (for ship owners)
Best For: Import/export businesses, logistics firms.
8. Workers’ Compensation Insurance
Purpose: Covers medical expenses and lost wages for employees injured on the job.
Often Mandatory in many countries for businesses with employees.
Best For: Any employer; especially in manufacturing, construction, and hospitality sectors.
9. Cyber Insurance
Purpose: Covers losses related to data breaches, hacking, or cyber-attacks.
Includes:
- Legal fees
- Notification costs
- System recovery
Best For: Tech firms, e-commerce, and companies handling sensitive customer data.
10. Credit Insurance
Purpose: Protects businesses against unpaid invoices and bad debts.
Best For: Businesses offering goods/services on credit terms.
âś… Summary Table
| Type | Who It’s For | Covers |
|---|---|---|
| Life Insurance | Individuals, business owners | Death, survival payouts |
| Health Insurance | Everyone | Medical bills, hospitalization |
| Motor Insurance | Vehicle owners | Damage, theft, third-party liability |
| Property Insurance | Homeowners, businesses | Fire, theft, natural disasters |
| Travel Insurance | Travelers | Medical abroad, cancellations |
| Business Insurance | All businesses | Legal, employee, operational risks |
| Marine Insurance | Exporters, shippers | Goods during transport |
| Workers’ Comp | Employers | Work-related injuries |
| Cyber Insurance | Tech firms, data-heavy businesses | Cyber-attacks, data breaches |
| Credit Insurance | B2B businesses | Non-payment of invoices |