Business Insurance To Apply

Explore key corporate insurance types, emphasizing Director and Officers and Public Liability Insurance, for business protection.

Updated on
Feb 26, 2024
min read
Starting a Company
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1. Director and Officers Insurance

Purpose: This insurance protects company directors and officers from potential liabilities stemming from their decisions and actions executed within their regular duties' scope.

2. Public Liability Insurance

Purpose: It offers indemnity against the legal liabilities of company representatives and employees related to the business, especially those arising at and from the designated business location.

3. Professional Liability Insurance

Purpose: Provides financial protection against liabilities for compensation, costs, and expenses stemming from claims.

4. Property Insurance

Purpose: Safeguards against physical damage or loss to office assets like furniture, renovations, fixtures, stocks, machinery, and equipment.

5. Business Interruption (Consequential Loss) Insurance

Purpose: Offers compensation for business disruptions due to insured perils, such as fires, floods, or explosions.

6. Commercial Auto Insurance

Purpose: Covers the costs of accident repairs at any authorized workshop.

7. Work Injury Compensation Act (WICA) Policy

Purpose: Provides coverage for any employee under a service/apprenticeship contract, irrespective of their salary.

8. Data Breach or Cyber Insurance

Purpose: Addresses the liabilities of companies arising from data protection laws, personal data management, and the repercussions of losing corporate information.

9. Homeowner’s Insurance

Purpose: Enhances the sum assured for contents, including equipment utilized for business operations.

10. Product Liability Insurance

Purpose: Covers liabilities resulting from the use of a specific product, especially when the manufacturer is deemed responsible.

11. Trade Credit Insurance

Purpose: Ensures security for companies trading both internationally and domestically by insuring accounts receivable against risks like customer non-payment due to insolvency, protracted default, or political challenges.

In conclusion, while every business has unique needs, it's highly recommended to consider Director and Officers Insurance and Public Liability Insurance as foundational coverages. For a more tailored recommendation and to understand the nuances of each insurance type, feel free to Contact Us. Protecting your business assets and interests is paramount for long-term success and sustainability.

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