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Business Insurance
Running a business comes with many risks, some of which can destroy or devastate a business. Business Insurance also helps you comply with government laws and regulatory requirements, which are often necessary for licensing and operating legally.
Types of Business Insurance
Commercial Motor Insurance: Covers vehicles owned or used for business against accidents, theft, and third-party liability.
Fire & Perils Insurance: Covers business property from perils such as fire, lightning, earthquakes, malicious damage, storms, floods, burst pipes etc.
Burglary Insurance: Covers business property from theft or attempted theft.
All Risk Insurance: Covers specific business property from all risks unless specifically excluded, inside or out of the business premises
Goods In Transit: Covers loss or damage to goods while in transit by road, rail, waterway etc. from the time of leaving the business premises to final delivery or destination.
Money or Cash In Transit Insurance: Covers loss of money while in transit from the time of leaving the business premises to final destination.
Electronic Equipment Insurance: Covers electronic equipment such as computers, medical equipment e.g. X-ray equipment, Telecommunication equipment e.g. Radio or TV equipment, Studio equipment etc. against sudden and unforeseen loss or damage necessitating repair or replacement
Business Interruption Insurance: Also known as Consequential Loss Insurance covers loss of income and increased costs of working including salaries and wages as a result of interruption due to damage of business property or premises by fire and other perils.
Fidelity Guarantee Insurance: Covers loss of money, stock or property as a result of fraudulent or dishonest acts of an employee.
Cyber Liability Insurance: Covers your business against cyber extortion by hackers e.g. ransom ware, data corruption or destruction by an employee and claims against your business for failing to secure customers’ personal data or unauthorized use of copyrighted or trademarked intellectual property.
Political Violence, Terrorism and Sabotage Insurance: Covers loss or damage as a result of acts of political violence such as riots, strikes, civil commotion, revolution, war, civil war, rebellion, insurrection, sabotage, coup d’état, terrorism and malicious damage.
Public Liability Insurance: Covers claims made by third parties (customers, visitors, or the general public) for injury or property damage caused by your business operations. Essential if people visit your premises or interact with your business.
Product Liability Insurance: Protects your business if a product you manufacture, distribute, or sell causes injury or harm. Very important for manufacturers, retailers, and food businesses.
Professional Indemnity Insurance: Also called Errors & Omissions insurance. Covers claims arising from negligence, mistakes, or failure to provide professional services as expected (common for architects, lawyers, doctors, accountants, etc.).
Directors and Officers (D&O) Insurance: Protects company directors and senior managers from personal liability if they’re sued for decisions made in their managerial role.
Key Person Insurance: Covers financial losses if a crucial employee (founder, top executive, or specialist) dies or becomes unable to work.
Marine Insurance: Covers ships, cargo, terminals, and transport used for goods over water .
Aviation Insurance: For businesses involved in aircraft operations—covers aircraft damage and liability.
Trade Credit Insurance: Protects against losses if customers fail to pay their debts (default or insolvency).
Machinery Breakdown Insurance: Covers sudden and accidental breakdown of machinery (important for manufacturing or production businesses).
Boiler and Pressure Plant Insurance: Specifically covers boilers and pressure vessels against explosions or breakdown.
Agricultural Insurance:Tailored for farming businesses—covers crops, livestock, and farm equipment against risks like drought, pests, and disease.
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