Why do we buy insurance for our business? To protect us, reduce risks and help us sleep easier at night. Sure, insurance can do that. We pay a premium to an insurer, who then becomes liable for the risks that can occur in our business. Without insurance, we could be liable to pay large sums of money without any prior notice. But what if your business insurance policy did not protect you. What if the risks you can be exposed to are not listed in your policy wording?
This can happen. We see many businesses relying far too heavily on their business insurance for a whole host of situations. Most of which they assume, or simply hope would be covered in their policy, but, it’s not. This leaves real exposure to risks. This blog will outline 5 insurance products which you can also add to your policy to make sure you have full protection.
5 Policies That You Should Consider
1. Business Interruption
Business interruption insurance is a policy that protects businesses from huge financial losses that can occur as a result of a claim against their property or physical assets. This protection is not always a standard feature in policies, so double check your policy document and make sure you have this cover in place. Read more here
2. Directors and Officers Insurance
Directors and officers insurance is a policy designed to protect business owners and decision-makers. Should their decision or advice cause damages to a client, prospect or employee, then this policy will help cover compensation and legal costs. Read more here
3. Cyber Insurance
Cyber Insurance is a ‘must-have’ policy to protect you from growing threats online. Cyber threats can come in all shapes and sizes, at any time, and most businesses do not have the skills in house to deal with the threat. Cyber insurance will help compensate your business from financial losses or fines, in an ever data regulated world. Read more here
4. Professional Indemnity Insurance
Professional indemnity insurance enables businesses to protect themselves against legal claims of malpractice, professional misconduct and related matters. If your business offers a professional service, you MUST ensure you have Professional Indemnity Insurance in place! Read more here
5. GAP Insurance
GAP protection insurance is always recommended as vehicles age, accumulate miles and therefore depreciate and lose value. This policy would mean that in the even of a claim, it will pay out the difference between the insurer’s payout and the outstanding finance amount, or, a 25% top-up of the insurer’s payout, whichever is greater! Read more here
Make sure you are protected
Hopefully, this blog will push you to consider the policy you have in place, and sort of coverage you assume or expect it will give you. We want you to have the protection in place before anything takes place and leaves your business exposed. To get more information or expert advice, please request a callback or get a quote online. We are friendly experts who are happy to offer advice, to our customers and non-customers alike.