Business Insurance

As a business owner you know how much time and hard work you invested in growing your business for it to be a success. Yet from the first day you set up your business you are constantly facing risks many of which, are outside your control and which could threaten the very survival of your business. One accident, injury, lawsuit, or catastrophic event could be enough to cripple or wipe out your business. Many of these risks can be insured giving you the financial protection and peace of mind you need. Different businesses face different types of risks and that is why you need a professional insurance broker that can understand your business and the risks which you face to ensure you get the best protection available in the market, one that is tailor made for your needs.

We are providing a very brief outline of some of the very basic insurance policies available for a business owner. This is not an exhaustive list as there are a number of other specialized covers which can be tailor made for your requirements.

There are different insurance products available in the market and that is why you need a broker to guide you on the best solution in line with your needs.

 

Property Insurance

The hereunder two policies provide cover to Property i.e. Physical Assets of the Business ( buildings, stock in trade, fixtures and fittings, plant and machinery and other trade contents)

Fire & Special Perils :

This policy covers material damage to property insured against named perils such as:

• Fire, lightning, explosion
• Theft following forcible and violent entry/exit (either by extension or under a separate policy)
• Storm Tempest and Flood
• Earthquake, subterranean fire and such convulsions of nature
• Burst pipes
• Impact damage by third party vehicles or animals
• Strike, Riot and Civil Commotion

 

Industrial All Risks:

This policy provides a wider cover in terms of material damage to property and is mainly used for covering larger risks. Damage to the property is insured against any accidental loss unless specifically excluded such as:

• Wear and tear
• Faulty or defective material
• Willful acts of the insured or his representatives
• Property undergoing alteration or repair
• Acts of fraud or dishonesty
• Coastal or river erosion
• Corrosion, rust, extreme changes in temperature etc

 

Liability Insurance

Public Liability :

This policy covers your business's liability at law against any:

• Accidental loss or damage to material property pertaining to third parties.
• Accidental bodily injury or illness to any third party person.
• Cost and expenses as a result of the above.

 

Tool of Trade Liability:

Similarly to the Standard Public Liability policy this policy covers your liability at law resulting from the use of a mechanical plant when this is being used as a tool of trade against any:

• Accidental loss or damage to material property pertaining to third parties.
• Accidental bodily injury to any third party person.
• Cost and expenses as a result of the above

 

Employers Liability:

This policy covers the insured (employer) against:

• Liability at law to pay compensation and claimants costs in respect of injuries to any employee of the insured subject such injury was sustained during the course of the employee’s employment.
• Any wages you, as the employer, must pay the employee during injury leave.

 

Accident

Money:

This policy provides cover against accidental loss, damage or theft (including Hold-up) of money pertaining to the business.

Cover can be:

• Whilst money is in transit
• Whilst money is on premises during business hours
• Whilst money is on premises out of business hours 
• Whilst money is in a locked safe on premises during business hours
• Whilst money is in a locked safe on premises out of business hours
• At residence of directors or employees 

 

Glass:

This policy provides All risks cover against:

• Accidental loss or damage/breakage of glass including sanitary fixtures and fittings and signs.

 

Engineering

Contractors All Risks:
This policy is taken out when a Principal / contractor is carrying out demolition, excavation or construction works. Cover is provided for:-

• Loss or damage to materials and contract works by any accidental cause not otherwise excluded.
• The Insured’s liability at law against third party property damage and injury as a consequence of the works being executed.

 

Professional Indemnity

This policy covers a professional for all sums which he may become legally liable to pay arising from a claim made against him or the firm by a third party arising out of a negligent act or advice, error or omission in connection with the Business or Practice.

This cover, also known as errors and omissions, is offered to various types of professions including but not limited to:-

• Lawyers and Notaries
• Architects and Engineers
• Accountants and Auditors
• Medical Practitioners
• I.T. Professionals
• Professional Consultants

Directors and Officers Liability 

As a director or official of a company you face a number of risks, where you can be found legally and personally liable to pay for financial damages caused to a third party. A directors and officers liability insurance covers such losses in the event that a director or officer suffers such a loss as a result of a legal action brought against him for alleged wrongful acts in their capacity as directors and officers of a company. This cover normally extends to cover also defence costs.