How can you determine the essential insurance you need for your unique business?
Your aim is to balance minimising risks with maximising profit. Insurance helps by mitigating threats, offering financial support and facilitates business growth. Having the right insurance also builds business credibility in the eyes of your customers, contractors, suppliers and other stakeholders.
Biggest risks to today’s businesses
The current top issues for businesses include staff and inventory shortages, natural catastrophes, including those due to climate change and the continuing pandemic, navigating changes in laws and regulations, financial crisis, and data breaches.
Brief overview of the most important insurance types
General liability offers public and product liability coverage for claims of third party injury or property damage due to business activities. This usually includes Product Liability.
Professional liability helps cover legal costs for contract breaches and negligent advice or service.
Directors and officers insurance (D&O insurance) is designed to protect the directors and officers of a private and/or public company for alleged wrongful acts including claims of mismanagement.
Commercial property provides cover for loss of or damage to your premises, technology, equipment and inventory. This may be included in Small Business Insurance or Industrial Special Risk Insurance Packages.
Motor vehicle and fleet insurance aims to cover business vehicles.
Workers’ compensation is compulsory and covers financial liabilities due to work-related injury or illness.
Business interruption or income insurance protects against financial losses due to insured disruptions.
Cyber insurance gives you peace of mind should cyber incidents cause your business financial losses.
Your next step
Speak with us for insights into policy inclusions and exclusions. Also, rather than separate insurance policies consider a customised package which offers your business the best protection and often works out cheaper. We’ll help ensure your insurance is in order because accidents and disruptions happen.
If you would like to know more about the right type of insurance for your business, please CLICK HERE or contact us for more information.