What to know before buying a Business Insurance Policy
If you’re a business owner then you can appreciate just how much time and effort it took to build up your operation and you know what it’s going to take to keep you growing.You will also realise the potential risks that could damage your business or relieve it of the facilities it needs to function effectively.
The staff and partners that are responsible for the labour involved in running your concern are an important element of the business that must be protected.
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To this end, there are insurance policies that can ensure that your business won’t be left high and dry in the event of anything untoward happening. This can include fire damage, theft, loss of infrastructure, legal action and even the loss of income.
The type of cover that you, as a business owner, will select will be dependent on the type of business that you are running and upon the unique requirements specified by your firm, regardless of its size.
˜ Fleet – Insure your fleet vehicles against theft, accident damage or breakdown.
˜ Contents – Protect your movable property from theft, fire, power surges, and malicious damage and even from a burst or overflowing geyser.
˜ Electronic Equipment, Stock and Money – In order to be operational you’ll need to make certain that your essentials are insured. Your computers and software, your raw materials and stock and also your cash, credit card and cheques can be protected. In addition to this, equipment that is removed from the premises for business use (cell phones, laptops, cameras, etc) can be insured for this purpose.
˜ Business Interruption – You can be insured against the financial loss incurred as a result of an interruption to your daily operations.
˜ Public Liability – This is protection for the financial implications of being liable to a third party for any loss, accident, injury or illness that your business may have been found to be responsible for.
˜ Personal Accident – This ensures cover of your directors, partners and staff from accidental injury that can cause death or disability.
˜ Employer’s Liability – If a business becomes liable to pay for costs incurred as a result of the death or injury of an employee, this will be covered by Employer’s Liability.
˜ Employee Dishonesty – If an employee behaves fraudulently and experiences financial gain as a result of relieving you of money or property, this insurance will protect you from the financial losses incurred.
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Particular industries such as Marine, Aviation or even Medical can benefit from applying for cover specific to the unique requirements of their trade.
The possibility of losing a business and everything within it, even though the appropriate insurance cover could have ensured its continuation, is an opportunity cost that is difficult to measure.