| Do you own a UK company, and are considering | | | | them to customers, and so on. If a product becomes |
| cover for your company? If so, then the options | | | | damaged or lost while being transported, you can |
| may seem overwhelming. It's crucial to distinguish the | | | | recover the losses if you have Goods in Transit |
| different types of cover, in order to determine which | | | | cover. |
| ones best suit your company's particular needs. Here | | | | 5. Key Man Cover: Key players are crucial throughout |
| are some of the most common types of cover that | | | | society, including film and sports teams. Companies |
| companies can secure, in order to protect | | | | also have key employees, and unfortunately |
| themselves form unforeseen events: | | | | unexpected events can happen to them. If a |
| 1. Building and Contents: This is definitely one of the | | | | company were to lose a key person, Key Man Cover |
| most important types of cover that you can secure. | | | | can provide short-term capital to help compensate |
| It includes structures that your company owns, such | | | | for the loss. |
| as office buildings and factories; and the items | | | | 6. Product Liability: This protects a company from |
| contained within them. Building and Contents insurance | | | | liabilities related to a customer receiving a defective |
| can protect your company from an array of various | | | | product. It's a crucial type of insurance, considering |
| situations, including fire, explosions, lightning, storms, | | | | the number of defective product incidents that have |
| floods, riots, and so on. | | | | been in the news recently. While in most situations |
| 2. Business Interruption: There are various events | | | | the manufacturer takes on the most risks when |
| that can cause your company to shut down for the | | | | defective products are purchased, the supplier can |
| short-term. A company can protect itself from such | | | | also be liable if the manufacturer becomes bankrupt |
| situations, by securing Business Interruption insurance. | | | | (due to the defective product or another cause). |
| This type of cover will cover expenses such as | | | | 7. Professional Indemnity: It's difficult not to open a |
| higher operating costs, and drops in gross profit. | | | | newspaper, watch the nightly news, or surf the |
| 3. Employers Liability: Employees are one type of | | | | Internet-without reading about a company that has |
| asset of a company. Consider the various expenses | | | | become the victim of litigation. This type of |
| of hiring and training an employee. Companies make | | | | commercial insurance is for customers who suffered |
| huge investments in their employees, so it's crucial | | | | loss due to a company providing inferior services. |
| that they take steps to protect those investments. | | | | 8. Public Liability: While it's possible for employees to |
| They can do that via Employers Liability. This helps to | | | | experience illness, disease, and injury it's also possible |
| safeguard employees from situations such as illness, | | | | for others to experience those same situations. |
| disease, and injury. | | | | Fortunately, Public Liability commercial insurance can |
| 4. Goods in Transit. If you have products, then you | | | | help to protect others from such situations. It can |
| will need to transport them. This could occur when | | | | also help to compensate them for any loss or |
| transferring products to another branch, shipping | | | | property damage that a company is responsible for. |