If you own a business or business premises, there is every likelihood that you need to take out commercial insurance.
The type of commercial insurance cover you may require will depend upon the industry you are in. Each commercial policy needs to be tailor built to your specific needs and ensure appropriate coverage is in place.
Below are just some aspects of cover that need to be considered:
- Property Insurance – insures against loss or damage to the location of the business and its contents. It can also insure the property of others in your control when the loss occurs.
- Liability Insurance – Protection for your business if sued for negligence of the business or its employees.
- Commercial Vehicle Insurance – covers vehicles used by your business as opposed to vehicles used for private use.
- Business Interruption – insures against a loss or damage to the cash flow and profit of a business when the business is unable to operate because of interruption.
- Workers compensation – where an employee or trades person suffers an accident on your premises.
Having the correct commercial insurance in place protects you, your business, your employees and visitors. A lack of it, or the incorrect cover can expose you to severe risks.