These are some of the types of insurance you should consider to protect your business assets and revenue-generating capacity.
Building and contents: Covers the building, contents and stock of your business against fire and other perils such as earthquake, lightning, storms, impact, malicious damage and explosion. Depending on where you are, you need to check on the clause covering acts of terrorism.
Burglary: Insures your business assets against burglary and is very important for retailers or businesses which maintain unattended premises.
Business interruption or loss of profits: Covers you if your business is interrupted through damage to property by fire or one of the other insured perils. This will ensure that your ongoing expenses are met and that your anticipated profits are maintained through a provision of cash flow. Fidelity guarantee: This will cover losses resulting from embezzlement or theft by employees.
Machinery breakdown: Protects your business when mechanical and electrical plant and machinery break down. Motor vehicles: Third party injury liability insurance is compulsory for all company or business vehicles. Many different types of policies are available, so make sure you understand the options before making a decision. There are four basic options for this: Compulsory third party (injury) - covers you for claims made against you for personal injuries and legal costs arising from the use of your car. You must obtain this insurance in order to register your car.
Third party property damage - covers your liability for damage to another person or to the property of others and your legal costs. It doesn’t include repairs to your own car if you caused an accident.
Third party, fire and theft - covers you against the events covered above, as well as fire and theft. It also insures against damage caused if your car was stolen.
Comprehensive - covers you for all of the above plus any damage caused to your own car by you in an accident. If you're buying a car on an installment basis or leasing it, the financiers will usually insist on this cover.
We recommend that you talk to insurance companies and brokers to discuss what is best for you - search the directories for links to insurance and broker associations, and check the yellow pages. You should also contact your industry association or professional body to find out if they offer any help on the subject of business insurance.