When it comes to your business, protecting it and your assets should be at the forefront of your mind. Commercial insurance comes in many different forms and it’s vital for businesses to take note of the policies which may be relevant to their trade.
From keeping your business premises covered in the event of fire or flood, to keeping your company’s contents covered against theft, having the right business insurance in place is paramount.
For new business owners, here are some fundamental policy types that you will need to consider.
1 Buildings Insurance
Buildings insurance is important for anyone with a business premises. The event of a fire or natural disaster such as a flood, storm or tornado, could leave your cash flow distraught if you are unable to recover your building and its contents. Properties cost a great deal of money to replace so protect yours against unforeseen circumstances with business buildings insurance. Retail and manufacturing businesses or light commercial industries should think about insuring properties and contents.
2 Contents / Equipment Insurance
Covering your contents is just as important as covering your commercial property. When looking for the right policy for your business, it’s important to ask your insurance provider what events are covered. For instance, some building insurance policies also cover the building’s contents against catastrophic loss (floods, fires and natural disasters) and some stand-alone contents insurance policies are designed to protect a company’s assets against theft/damage. It’s also important to find out whether theft/damage cover is applicable both on site and off site.
3 Professional Liability Insurance
Liability insurance varies from industry to industry. Accountants and lawyers or anyone who provides advice to the public can be at risk from malpractice claims – so firms need to ensure that they have a policy which covers the work of their employees. Other industries at risk include the Design & Construction Industry, Financial Industry (bankers and brokers) and other commercial / management industries for negligence claims and malpractice claims.
4 Accident and Health Insurance
Another type of liability is ‘general liability’ and this looks at protecting businesses against accident and health claims. Whether against employees, stakeholders, customers or general visitors, accident and health insurance can protect your business from every day claims related to personal health. Be fully covered against any accidents which occur on your premises or against any health claims related to your products.
Industry Specific Insurance Policies
For some specialist industries, there are industry specific insurance policies which need to be considered, such as aviation insurance, energy insurance, environmental insurance, equine insurance and healthcare liability. To get more information on the different types of business insurance, visit Catlin online.
To find out more about the importance of commercial insurance for your business, find out more on the Epic Launch blog.