| We know intuitively that it's important to insure our | | | | Even though this type of cover is required, it's |
| companies. But what exactly should be insured? | | | | nonetheless a wise investment that a company can |
| That's the question of the day. This is a crucial | | | | make. |
| question, as a company's assets and the available | | | | There's also a type of policy that covers key |
| types of insurance of the commercial type, can both | | | | employees of a particular company. Unfortunately, |
| be quite varied. So it's crucial to determine precisely | | | | while the cover can't replace a particular person, it |
| what a company can insure. Here are some of the | | | | can provide short-term capital to compensate for the |
| most crucial things: | | | | loss of the key employee. |
| 1. Buildings. This is one of the key components of any | | | | 4. Products. this can include products in transit: |
| company, as it's where the company's assets are | | | | products that are transferred from Point A to Point |
| contained. Without a building, a company will have | | | | B; and products that are shipped to customers. Even |
| difficulty operating. Buildings are vulnerable to several | | | | when certain precautions are taken, it's still possible |
| types of unforeseen situations, such as explosions, | | | | for products to be damaged or destroyed while |
| fires, lightning, flooding, storms, sprinkler leakages, | | | | being relocated or shipped. |
| and so on. The list goes on and on, exponentially | | | | Another issue that a company may need to deal |
| increasing the importance of securing cover for a | | | | with, is product liability. This insurance involves |
| company's building. | | | | products that are defective, which can result in |
| How much cover does a company need? It's | | | | property damage or injuries. It's important to note |
| important that it has enough cover to rebuild the | | | | that typically the manufacturer of a product is liable if |
| entire building. Consider that the rebuilding costs will | | | | one of its products causes injuries or damage. |
| differ from the building's market value. That's | | | | However, it's also possible for suppliers of the |
| because the rebuilding costs won't include the cost of | | | | product to also be liable in those situations. |
| the property that the building sits on. | | | | 5. Public. Cover that covers the 'public' includes those |
| 2. Company. It's possible for the company itself to be | | | | people who are not employees of the company. If |
| sued, due to damages that it's responsible for. | | | | anyone else were to experience illness, disease, or |
| Something called 'Professional Indemnity' cover | | | | injury, then they can avail of a type of commercial |
| protects the company from clients who argue that | | | | insurance called 'Public Liability'. While there are limits |
| they received inferior service from a company, and | | | | to how much an insurer will pay for Public liability |
| suffered losses as a result of that poor service. | | | | cover, it's definitely an important type of cover that |
| 3. Employees. During the course of their employment, | | | | a business can purchase. |
| it's possible for employees to experience problems | | | | If you own a company, then there are several |
| such as illnesses, diseases, and injuries. The UK | | | | components to protect. Fortunately, commercial |
| requires that companies secure a minimum amount of | | | | insurance can help you to achieve that goal. |
| Employers Liability insurance, for their employees. | | | | |