Insurance coverage is something you should not overlook when you are in business. Without adequate coverage and or protection, one incident or mishap could destroy whatever you have built over the years. A major incident, such as fire or negligence on your part could be so serious that you may end up in debts.
A fire outbreak in your warehouse, factory could possibly wipe out all your inventory, machineries and properties, causing millions of loss and damages, which you would not be able to recover without insurance protection.
Even a small fire that partially damage your production line would affect your production, causing uneasiness among your employees and your customers worried about your ability to supply. Your creditors such as bank would be equally worried if you can serviced your loan re-payment. During this time, your cash flow would definitely be tight. Without insurance, would you be able to survive this mishap?
Insurance coverage is an essential part of any business, you will need to protect your property against fire and other allied perils. Property in this case can be your office premises, machinery & equipment etc. You can also be protected against business interruption (usually refer to as consequential loss), where the scope of cover includes Net Profit, standing charges, bank interest, rental, utilities, additional expenditure involved in maintaining production etc.
You may also want to insure your machineries with an Equipment All Risk coverage to protect against loss or damage to your equipments in your premise.
The other risk when conducting business is burglary or theft. Are you insured against these? Take up a burglary insurance and Money Insurance so that you and your staff need not risk their life to sought back these attempts.
Lastly, insurance is about mitigating the unforeseeable risk which include public liability. When conducting business, you are inviting customers and potential customers into your business premises. A wet floor could potentially hurt your customers, and you would be liable. Similarly if you are a professional, you could appreciate the Professional Indemnity Insurance.
If you wish to compare quote for the various type of business insurance, please fill up below form and we will revert to you with an proposal.