What Type of Insurance is Right For My Business as a Security Seeker?

Before choosing an insurance policy, you’ll need to evaluate your business’s insurance needs. Your  insurance requirements will vary considerably depending on the type of business you operate.

Insurance brokers are professionals who provide advice and can arrange cover for you through insurance companies. Their role is to develop an insurance package to suit your individual needs and protect your assets. This package may combine products from a range of insurers, or just one, depending on your needs.

Professional liability insurance

Provides cover for the cost of compensation if your business is responsible for personal injury or property damage. It covers the owner from malpractice, errors, or negligence in the services provided to customers. It also covers ‘pure economic’ loss, resulting from your negligence or that of your employees. As each industry has its own set of concerns, there is no one size-fits-all policy for professional liability. Regardless of business size, it’s important that you consider insuring your business for professional liability.

A public liability policy is only intended to cover damage or injury suffered by others. It will not cover any property damage or personal injury that is suffered by you or your own staff.

Commercial property insurance

When you run a small business your commercial property is your livelihood. Property insurance covers your contents, fixtures and fittings against loss, damage or theft. When your property is damaged, repairs and replacing equipment can be costly.

Property insurance includes loss of income cover, damage repair, general theft and money theft. The insurance also covers equipment and furniture in the event of a fire, storm or theft. However, other events like floods and earthquakes are generally not covered. It is therefore important to check with your insurer, and if your area is prone to such events, to price a separate policy.

Workers’ compensation insurance

Once the first employee has been hired, workers’ compensation insurance should be added to a business’s insurance policy. This insurance will cover death benefits, disability and medical treatment in the event that an employee is injured or dies in the course of his work.

Personal accident and sickness insurance

Personal accident and sickness insurance is particularly important for independent contractors and sole traders who are not entitled to workers compensation. Personal accident and sickness insurance compensates for loss of income suffered if you have an accident, or suffer an illness that stops you from doing your work.

Business vehicle insurance
If your business uses vehicles it will be compulsory to obtain third party injury liability for all vehicles used. The policy cost will depend on the type of vehicle you use and whether they are used to transport goods. If your important goods and tools are transported using a business vehicle, it is important to ensure that your policy covers the contents inside.

Business interruption insurance

Would your business survive an ongoing interruption or disaster? Business interruptions caused by catastrophic events can result in lost income due to the inability to work in the office or continue to manufacturer products.
Business interruption insurance compensates a business for its lost income during these events, putting it back on its feet and at its profit level from before the interruption. These costs may include covering the financials involved in finding and fitting a new premises, ensuring you can continue to pay key staff throughout the interruption.
Any business interruption can be a major financial setback for small businesses. An experienced insurance advisor can help you identify your business’s most important assets and finalize a policy based on these risks.
Businesses have access to a wide range of insurance types to protect them against dangers. Consultation with an experienced and trusted insurance broker is the first step in creating a policy plan to suit your business needs.