Business Insurance
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What is Insurance for Businesses?
The only thing that is constant in a business is the inevitable challenges and ever-changing market landscape. To deal with multiple business challenges properly, you need a clear mind and an assured safety net that will protect your business from unexpected risks and changes.
Business insurance policies work as the safety net that protects your company from sudden risks, unforeseen accidents, and hard times. At Prominent Insurance Broker, we provide a wide range of business insurance coverage ranging from property all-risk coverage to public liability insurance.
Whether it's a start-up or a large corporation, our professional insurance policies for businesses are designed to protect them from different types of threats and unexpected disasters.
What Insurance Plans Suit your Businesses?
Property All Risk Insurance
A property all-risk insurance policy can protect your business’s physical properties, including shops, office premises, and buildings, from unforeseen risks. The risks include unexpected incidents like fires, natural disasters, burglaries, explosions, damage from malicious riots, and other hazards.
This insurance coverage will pay for building repairs, replacement of damaged machinery and equipment, and reimbursement for damaged products within the store or office. Whatever type of business you run, property all-risk insurance coverage is required to protect the firm from any loss and financial losses resulting from unforeseen events.
Professional Indemnity Insurance
A professional indemnity insurance policy protects businesses in the case of sudden financial claims that come either from their clients or a third party. The claim for financial compensation may arise for any of the following reasons:
- Unintentional breach of contract or professional duty
- Errors and omissions
- Defamation and slander
- Professional negligence
- Loss of documents
- Poor advice
- Infringement of intellectual property rights
Our professional indemnity insurance will pay for the financial damages caused by order of the court. It will also cover the cost of legal defense as long as the cost is within the limit of the policy coverage.
Public Liability Insurance
The public liability insurance will protect your business from the claims made by third parties for any kind of damage, property loss, or injury that occurred to them by your business operations, products, or in your office premises. Public liability insurance has two separate categories, which are:
- Cover for Premises Risks Only: If third parties suffer from any damage or injury in your office premises or because of any activity there, the insurance will cover the cost of the claims raised by the third parties.
- Cover for All Business Activities: If a third party suffers from any damage, health risks, or injury because of your business operations, public liability insurance will cover the cost of the raised claims.
Marine's Cargo Insurance
Marine cargo insurance will cover the cost of any damage caused to your cargo that were still in transit. The insurance policy covers the cost of damage to the cargo if it’s caused by any of the following reasons:
- Accidental damage or loss of goods while they were in transit.
- Natural perils
- Wars, riots, and civil commotions
- Fire
- Collision or overturning of the fleet carrying the cargo
- Theft and pilferage
Workmen's Compensation
Workmen’s compensation insurance will cover the cost of compensating your company’s employees who have been disabled, got injured, or passed away while doing their jobs.
Workmen’s compensation policies provide financial support to the employees. For instance, if an employee gets accidentally injured while working for your company, the insurance policy will cover his/her medical bills and treatment costs. Meanwhile, it also protects your business from legal complications related to the on-duty damages and injuries of the workers.
Contractors All Risk Insurance
Contractors’ all-risk insurance will provide coverage for damage done to your business property, a third party’s property, and for the injuries caused by the damage.
This insurance coverage may compensate for the damage done because of improper construction work, faulty renovation, or any accident that happened during the contractual work. Your business and contractors can also purchase the insurance as the joint policyholder.
Trade Credit Insurance
These days, many commercial customers request credits to make large-scale purchases. Trade credit insurance will protect your business if your commercial customer is unable to pay the outstanding credit due to various reasons like bankruptcy.
The trade credit insurance policy can reduce the risks of providing commercial credit by compensating your company for unpaid debt up to the policy’s threshold limit.
Medical Malpractice Insurance
Medical malpractice insurance is often purchased by a healthcare professional or a business working in the healthcare industry. This insurance policy protects the individual or the business from the suits filed by the patients complaining that they have been harmed because of negligence or malicious treatment practices. Malpractice insurance policies cover legal expenses, punitive damage, and even medical damages.
Fidelity Guarantee Insurance
The fidelity guarantee insurance policy is designed to protect companies from financial losses caused by employee dishonesty or an employee’s lack of professional conduct, or equipment mishandling.
It also protects the business from theft of money or goods by an employee, contractor, or partner. Businesses that have many storekeepers, cashiers, or employees working in other sensitive positions should purchase fidelity guarantee insurance policies.
Money Insurance
The money insurance policies protect your company’s money or monetary transactions. When it comes to money in the form of cash and cheques, there are always risks of theft, robbery, damage by fire, or any other unfortunate accidents.
The money can even be taken from your company’s locker, or there can be an accident during transporting large amounts of money. A money insurance policy will compensate the business for loss, theft, or damage of money, helping it recover the lost money up to the specified policy threshold.
Jeweller's Block Insurance
Jeweller’s block insurance is essential for businesses that work in the jewelry industry. It provides a comprehensive cover to protect jewelry businesses against loss or damage of property due to accidents or unfortunate events. The goods or property include gold, precious stones, expensive jewelry, store furniture, decorations, and even fidelity.
D&O Insurance
D&O insurance, also known as directors and officer’s insurance, protects the people who work in managerial posts in a company from accusations of wrongdoings. This policy also protects the company against unforeseen risks and financial exposures.
For instance, if any employee sues a business because of wrongful termination or harassment by an officer or director, the policy will protect the business against financial penalties or losses. Trading companies will require this policy because it protects the board of directors and CEO.
Event Insurance
Organizing an event takes a lot of hard work, labor, and money. So, the sudden cancellation of a corporate event or any unforeseen accidents can cause the business to lose money and equipment. Third parties can also make your business liable for accidental injuries or property damage.
Even insurance policies will protect your business from public liability and reimburse for equipment, property, or financial damages due to event cancellation as long as there is a valid reason.
Benefits of Having Insurance for Businesses
Business insurance can protect a company from suffering financial losses because of accidents, injuries, damages, or other unfortunate events. Your business can receive the following benefits by purchasing business insurance covers:
Protect Your Business
Business insurance policies protect companies from varying degrees of unexpected events. These events may or may not include theft, injury, income loss, sabotage, and employee health complications
Risk Management
When your company has the protection of business insurance, it can handle almost any kind of risk with minimal financial damage.
Third-Party Liability
If a third party gets injured or suffers from a loss due to your business operations or products, the insurance can cover the relevant expenses.
Protect Your Employees
Having business insurance policies also allow the companies to cover the medical and treatment expenses of employees who have been injured on duty.
Safeguard from Natural Hazards
Natural disasters are unpredictable and can show up at any time. Business insurance will safeguard the companies against losses due to natural calamities.
Lawsuit Cover
With business insurance, companies will have coverage for the cost of legal proceedings and court orders up to a specified threshold.
Increase Your Reliability
A business equipped with proper insurance policies are less likely to suffer financial damage from unexpected events. And this makes it more reliable for investors and potential partners.
Who Needs Business Insurance?
Some of the common buyers of our business insurance covers are:
Start-ups
Retailers
Wholesalers
Companies that service customers like hotels, restaurants, or catering services
Law firms, advertising firms, and PR agencies
Businesses or organizations that provide professional services like healthcare providers, financial advisors, etc.
Contractors
Production businesses
Frequently Asked Questions On Business Insurance
The main purpose of business insurance policies is to protect the company from financial damages due to unexpected events, injuries, or natural disasters.
Yes, because any company can suddenly suffer from heavy financial loss due to theft, liability claims, fire, arson, dishonest employee conduct, natural disaster, and more.
A business might need several types of insurance policies. However, we can still divide the insurance into the following main categories:
- Liability insurance policies
- Employee insurance policies
- Property insurance policies
- Commercial fleet insurance policies
