Combined
business insurance policy |
| Any
business faces unpredictable threats and risks
on a daily basis. A fire, robbery or employee
injury may destroy everything your company stands
for. To protect yourself from the unforeseen and
make sure your business survives, you should purchase
the right business insurance. For a monthly premium
your policy will ensure you are protected from
a range of pre-specified risks. Because every
business is different insurances come in different
forms with different levels of cover. You will
need a number of insurances to cover all of your
assets from possible loss or damage and to protect
you from any potential liability. Researching
and purchasing each insurance separately is expensive
and time consuming. An alternative to this is
to buy a packaged insurance policy. |
 |
A combined packaged insurance policy is a product that offers
the most common insurances required to run your business
bundled together in one offering and the flexibility
to adjust the coverage to meet your specific needs.
Packaged insurance policies offer a number of benefits. You
know the cover will be comprehensive enough to cover
the main risks affecting your business whilst avoiding
duplication and overlap of cover. It is also easier
to manage as you have a single set of documents, one
point of contact and one renewal date. Packages are
often less expensive as insurers will offer a better
total premium when they are providing all your cover.
The following insurances are common, highly practical
and in some cases a legal requirement.
Employers liability insurance
If you employ anyone outside your immediate family,
you are required by law to purchase employer's liability
insurance. This insurance offers you protection for
any liability arising from injury or illness sustained
by employees while they are working for you.
Public liability insurance
This will protect you from any liabilities from a
Third Party (other than your employees) bodily injury
or damage to their property that may occur during
the normal operation of your business.
Products liability insurance
This will protect you from any liabilities from a
Third Party bodily injury (other than your employees)
or damage to their property that may occur from products
you sold or supplied.
Material damage insurance
There are several different insurances that are designed
to cover your various assets (building, computer equipment,
stock, or contents) from loss or damage caused by
various causes (fire, flood, theft or other disasters).
Business interruption insurance
This covers you from the loss of turnover or trading
profits from damage to your property that prevents
the normal operation of your business.
Money insurance
In specific circumstances this will reimburse you
for money that is lost or stolen from the premises,
your home or whilst you are moving it to another location.
Goods and tools in transit insurance
Covers you for accidental loss, destruction or damage
to goods in transit and the cost of alternative transport
if needed.
Other insurances
for your business Other insurances may be considered
a standard part of an insurance policy for your business.
|
