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In Nigeria, there are six (6) insurance policies made compulsory by the law and failure to comply with the law is regarded as a criminal offence. They are: Third Party Motor Insurance, Employee Group Life Assurance, Health Care Professional Indemnity, Insurance of Public Buildings, Insurance of Buildings under Construction and Employers Liability.

You  are liable for your personal and business actions, and to a very large extent, the actions of your family member or those normally residing with you, or your employee both at home and in your business. This category include: Public Liability, Products Liability, Personal Liability, Environmental Impairment Liability, Professional Indemnity (Error & Omission), Warehousing (Bailee), etc

If you own a boat, yatch or ship; or if you transport your goods by sea then you must insurance against marine risks. In this category are Hull and and Cargo covers

If you own a an airplane or helicopter, or if you transport your goods by air then you must insure against aviation risks. Basically in this category are Hull and and Cargo covers.  Other covers include Third party liability, Liability to passengers, Personal accident, Legal liability, Airport owners and Operators’ liability, Loss of licence, etc.

If you are involved in contract works or industrial installations or construction, you will need take up a policy to protect you from associated risks. Policies in this category include: Erection All Risks, Machinery Breakdown, Plant All Risks, Contract Works, etc

Motor vehicle insurance protects you against accidents, theft and fire. While comprehensive motor vehicle insurance protects against own damage or loss of vehicle as well third party risks, third party only cover injury or damage to others.

There are covers for private vehicles, commercial vehicles, special vehicles, trade motor vehicles, etc.

Protect your cash instruments and other financial interest by taking up a pecuniary insurance policy. Insurance policies under this category include: Money, Fidelity, Consequential Loss, etc.

Property insurance, as the name implies, protects your property such as buildings, office and residential contents and goods-in-trade, etc. Policies that fall under this category include: Fire, Burglary, Goods-in-transit, All risks, etc