The unpredictability of the world we live in forces us to ensure everything that we need to survive, be it body parts, lives, death etc. One type of insurance that most people are not sure of is business insurance. It is best to choose a business insurance that really suits you and your business
But with so many insurance plans to choose from we cannot really put the blame on a desperate business owner who just wants to make sure that his business is well taken care of incase tragedy strikes.
The first step to choosing business insurance is knowing what you want to cover in your business, and the type of business that you want covered
For instance if you run a call centre business the aspect you would want to cover the most could be your property in case of a fire.You don’t necessarily have to take an insurance policy that covers the phones only.
Once you have identified what you want to cover it will be much easier to choose the type of cover that you want. Below are the lists of insurance plans that you can chose from.
Property insurance ensures the loss or damages to the location of the business and its contents, it can also ensure against the damage to others that are in your control, property insurance can be of specific risk i.e. Floods, this simply means that you will be covered only if your business was damaged by floods and nothing more.
Some casualty insurances might lump up property and casualties together; this is the most recommended package the business man can purchase, because it protects against loss and damage to business.
Liability insurance/undertaking to the ombudsman
This type of cover covers against liabilities legally imposed on the business or its employees, put easy this simply means if someone sues your business for negligence this is the type of insurance you need to have taken in order for your insurer to, pay your legal fees. Some companies may only pay out abiding by the ombudsman ruling. This simply means if the ruling found your company at fault they may not pay out.
Motor vehicle insurance can be quite confusing because there are so many to choose from so you must be very careful and frank when choosing insurance for business vehicle, some pay only if your vehicle was stolen or damaged even then there are hundred terms and conditions that they follow.
They key to choosing the right insurance for your business is comparing as many quotes as you can and if you don’t understand some of the things written on the quote just cal that company. And they will explain to you what you not clear about that will avoid you being disappointed when you claim and they don’t pay out because the cove that you took doesn’t include what you claiming for.