AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Two covers are compulsory for most Ghanaian businesses: third-party motor insurance for every vehicle the business owns or drives, and insurance of commercial property, which Hollard Ghana places under section 218 of the Insurance Act, 2021 (Act 1061) and which the National Insurance Commission says applies to business premises whether under construction or completed. Sector rules can add more, so check with your regulator and the NIC.
The two covers the law makes compulsory
| Cover | Who needs it | Source |
|---|---|---|
| Third-party motor insurance | All drivers and owners of motor vehicles in Ghana | Hollard Ghana, 27 June 2023 |
| Commercial property (fire) insurance | Business entities owning commercial buildings, whether under construction or completed | Insurance Act, 2021 (Act 1061), ss.218 and 219, as reported by Hollard and the Ghana News Agency |
Hollard, a Ghanaian insurer, lists other policies such as residential property, travel, life, health and cyber as recommended rather than compulsory. Its page does not cite penalties for either compulsory cover.
Commercial buildings: what the NIC has said
The Ghana News Agency reported on 30 October 2021 that a task force including the National Insurance Commission (NIC) was visiting business areas in Accra to check commercial properties. Charles Ansong Dankyi, a senior manager at the NIC, said the Act makes it compulsory for business entities to insure their properties, under construction or completed. About 25 inspected buildings without active policies were served letters to comply.
Two practical points follow. First, the duty falls on the owner of the building. If you rent a shop or office, your landlord is the one who must insure the structure; you should still insure your own stock, equipment and fittings, and the lease may require it. Second, a building under construction is included, which matters to anyone putting up a warehouse or shop.
Motor: every vehicle, including the company car
Third-party motor cover protects other people against injury, death or damage you cause. Hollard describes it as compulsory for all drivers and owners of motor vehicles. A delivery van, a car registered to the company and a staff member's car used for work all need cover, and the policy should name the use: private, commercial or carriage of goods for hire. Comprehensive cover, which pays for damage to your own vehicle, is optional.
Other covers to ask about
We could not confirm, from a page we opened, any other cover that Act 1061 makes compulsory for every business. Some sectors and contracts set their own requirements:
- Professional bodies and regulators may require professional indemnity cover for their members.
- Lenders usually require insurance of assets they take as security, with the bank noted on the policy.
- Government and corporate contracts often require public liability or contractor's all-risk cover.
- Importers should check cargo insurance arrangements with their clearing agent; see importing Nigerian foodstuff into Ghana.
Employers' duties to staff, such as SSNIT pensions, are separate from insurance; see hiring your first employee in Ghana.
Buying cover: what to check
- Check that the insurer or broker is licensed by the NIC before you pay.
- Insure for the rebuilding cost, not the market price, and update it when you extend.
- Ask for a policy schedule naming the property address, the perils covered and the excess.
- Keep the premium receipt and the policy document; a task force or a lender may ask to see them.
- Diarise the renewal date. Cover that lapses is the same as no cover.
- Disclose everything relevant when you apply: use of the building, stored goods, alarms and fire equipment. A claim can be refused over a fact the insurer was not told.
Making a claim
If there is a fire or accident, tell the insurer at once and in writing, keep photographs and receipts, and do not throw away damaged stock before the loss adjuster has seen it. For motor claims, report to the police where the policy requires a police report. The insurer's own claim form sets the deadlines, so read it when you buy the policy, not after the loss. If you cannot resolve a dispute with the insurer, the NIC is the regulator to approach.
Example (illustration only)
Example: Uche, a Nigerian, owns a two-storey shop building in Kumasi through his Ghana company and lets the ground floor. He must insure the building under the commercial property rule. His tenant should insure her own stock. Uche's company also runs one pickup van, which needs at least third-party motor cover for commercial use. If Uche starts a second building, it needs cover from the start of construction.
Where Pryme fits
Pryme does not sell insurance. A Pryme Business Account can hold the funds of a Nigerian-owned group with Ghana operations, and the Compliance agent can keep renewal dates for policies and permits and prepare reminders; a person approves any payment.
Questions people ask
Is fire insurance compulsory in Ghana?
Yes for commercial buildings. Act 1061, ss.218 and 219, as reported by Hollard and the GNA, require business entities to insure commercial property, under construction or completed.
Is third-party motor insurance compulsory in Ghana?
Yes. Hollard describes it as compulsory for all drivers and owners of motor vehicles in Ghana.
Do tenants in Ghana have to insure the building?
The duty sits with the owner of the commercial building. Tenants should insure their own stock and equipment and follow any lease requirement.
Who regulates insurance in Ghana?
The National Insurance Commission. Check that an insurer or broker is NIC-licensed before buying.
Sources
- Hollard Ghana: Must-have insurance policies (27 Jun 2023) · accessed Oct 2026
- Ghana News Agency: Task force sensitise owners of commercial properties on fire insurance (30 Oct 2021) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.