It is practically impossible to operate a business without running the risk of losing money or even your business assets either getting stolen or completely damaged by fire outbreaks and other natural disasters. Every day and in different parts of the world, businesses incur losses. But whether these losses are huge to a tune of millions of dollars or not, business owners should always seek means and ways of protecting their enterprises from contingencies. This means that safety measures depends on among other things, how well you understand what goes into protecting business against perils. Don’t forget that there are instances when even life of person can be at stake or lost in such events as fires and collapse of commercial buildings.
Businesses exist as small, medium or large enterprises. The kind of business activities with which any of such enterprises is known also vary from low risk, medium to high risk ventures. This means that if you are seeking a company insurance cover, the nature of business and the category under which it falls must be clearly stated because at the end of the day, it is the only way through which you get the right kind of cover policy.
Perils as part of business and the need for indemnity
In case of insurance cover protection for companies, there are hardly any significant differences between what cover is ideal for a private limited company and a public limited company. It’s all about getting to insurance your business against possible risks. Risks are part and parcel of businesses. It is on this premise that it is not only definitive of entrepreneurs to be risk takers but also a big necessity that insurance companies must be in existence. Therefore, if you are setting up a new business, insurance cover is something that should be one of the key considerations. It is actually illegal in most parts of the world to set up a business and not get a cover for it. This is because a business cover in its entirety is not always about protecting your business from perils but also makes it possible to compensate those working for you in the event that they suffer from bodily harm should a risk such as fire occur.
Apart from business protection cover and liability claims by those working for you, businesses need insurance cover for purposes of indemnity. If for example your business suffers total loss through damage caused by floods, you don’t have to worry about getting things back on track provided you have been paying monthly insurance premiums. Most of the times, risks in businesses remain largely uncertain. In other words, you can’t predict when a hazard is going to occur and take down your business. Insuring your business with the right policy cover is therefore a precautionary measure to guard against possible perils in the near future.
With the help of actuaries; insurance companies will then evaluate the value of property damaged or loss suffered and indemnify you accordingly, usually based on working out premiums, property value and loss suffered. Because many business owners do not always know the right business cover for their ventures, this post takes you through some fundamental types of insurance protection ideal for companies. This will help you get the right policy cover for your company henceforth.
Types of insurance for your company
Depending on among other things, the nature and scope of your business, the size of your workforce and potential risks, there are a number of insurance covers you can take to cushion your business from perils. Here are a few of them;
- Property insurance
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Assets are the biggest and most significant component of any business entity and are always at high risk than any other component. They are the physically tangible parts of a business. Examples of assets include buildings, motor vehicle, machines and land. With property cover being the most common type of business protection insurance, it is something that should never be far from thought whenever you want to start a business or whenever you are looking for business cover. It should arguably come first.
Some risks against which property insurance is necessary include fires, damage to property by rains or floods and theft. It is up to you to shop for a good cover in which all these fit.
- Workers’ compensation cover
In any business, there is a workforce. Well, your employees need to feel secure and protected at all times. In case where you are a factory owner, accidents are a likely occurrence and to which workers are susceptible. This means that you need to get your employees, an ideal workers’ compensation cover such as accidents cover and health cover.
- Errors and omissions cover
Also known as professional liability cover, this is quite often customized depending on a company’s claim concerns. This type of business insurance is always taken to guard against losses or harm caused by professional negligence and mistakes.
- Product liability cover
This is a type of cover policy that is very necessary to manufacturing businesses or companies. The cover is usually tailored to meet product specifications and damage they are likely to cause. Even if you try so hard to work with fail-safe manufacturing technology, it is important to take this cover because the risks associated with products usually remain largely uncertain.
- Motor Vehicle insurance
This type of insurance is usually taken to protect a business against potential risks that involve use of vehicles such as accidents, deaths and damage to property. With this kind of cover, an insurance company will always come in handily to protect you from liabilities arising out of accidents and other perils associated with the use of vehicles in your business.
Life and Health insurance cover
In almost all types of businesses, there are always potential health risks involved. It is therefore important to take health cover for your workers to guard against claims that may arise from accidents during work, gas inhalation and other perils.