Insurance for Business

Businesses too require insurance. Irrespective of size, each business has potential risks that can wipe out the entire business. Depending on the type of business you run, there are various insurance options available.

Most insurance companies today provide a combined business insurance cover. This creates a package of various insurance classes to suit the type of business being run. Ask your insurer for one today.

Here are some of the covers provided;

Professional Indemnity Insurance

Professional liability insurance protects professionals and consultants against negligence claims that result from mistakes or failure to perform. Professionals such as doctors, media and PR consultants, Architects, quantity surveyors, lawyers, accountants, engineers, property valuers, event planners and others can be covered under professional indemnity.

There is no one-size-fits-all professional indemnity coverage. Each industry has its own unique concerns that should be addressed.

Business Property Insurance

Protecting business assets is critical for the continuity of any business should an unplanned event occur.

Business property can be protected against fire, flooding and theft.

Any vehicles used for business should also be fully insured. At the very least, businesses should insure against third-party injury, but comprehensive insurance will cover the vehicle in an accident, as well. If employees are using their own cars for business, their own personal insurance will cover them in the event of an accident.

Business Interruption Insurance

This type of insurance is especially applicable to companies that require a physical premises to do business, such as shops, garages, hotel etc. Business interruption insurance compensates a business for lost income during events such as fire, floods, and others that cause a disruption to the normal course of business.

Product Liability Insurance

If your business manufactures products for sale, product liability insurance is very important. Any business can find itself named in a lawsuit due to damages caused by its products. Product liability insurance protects a business in such cases.

Public Liability Insurance

If your business has a physical location where customers can visit, suppliers deliver items, then public liability insurance is important. Simple accidents like liquid spilling over a client’s computer or a wet floor causing the supplier or customer to fall and injure himself, could cost a business thousands if uninsured.

Public liability insurance will protect the company against any lawsuits due to accidents, injuries and claims of negligence by third parties.

Fidelity Guarantee Insurance

Fidelity Guarantee insurance covers an employer against loss of money, business equipment, securities or other goods belonging to the business resulting from an act of fraud or dishonesty by employees for improper personal financial gain in the course of their duties. This would be valuable to businesses such as retail chain store or those that deal with lots of cash transactions.

Goods in Transit (GIT) Insurance

Does your business involve moving goods from one point to another?  Goods in Transit insurance covers loss or damage to goods or merchandise while moving it from one place to another.