Each and every business is exposed to ongoing, evolving risk, and in order to safeguard the business against loss from the very beginning, we need to have sufficient protection in place. This is where Commercial Insurance (insurance for business) plays a crucial role. Few businesses can afford costly, unexpected interruptions to operations, leading to a loss of income or even the termination of the business itself.
At CompareGuru, we’ve put our think-tank of experts to work in determining and predicting all possible hazards to your business, and we’ve sourced innovative, affordable products to provide cover against these risks.
General Commercial Insurance comes in many forms, and the most common will offer protection from unexpected loss or damage to oft-overlooked workplace articles, such as aesthetics and décor, machinery, tools and electronic equipment, furniture and carpeting, locks and gates, plumbing and wiring, stock on hand, records, files or other important documentation, and even hard-earned cash kept on the premises.
You could think of it as Household Contents Insurance for your business, but, of course, encompassing far more. Working with people? Regrettably, many unfortunate circumstances involving your own employees, or even visitors to your business, could arise at any moment. These could include injury on duty, injury on premises, theft, etc.
While General Commercial Insurance goes a long way toward protecting your business, there are other, more specific areas worth looking into, as well. Let’s take a look at some specially-designed products.
Commercial Vehicle Insurance
While Private Vehicle Insurance is used to protect your personal vehicle from day-to-day risks, Commercial Vehicle Insurance is specifically designed to meet your business needs, and protect the vehicle (or fleet of vehicles) used in the everyday operation of your business.
Many different businesses (such as delivery or transport services) will make use of vehicles in their day-to-day operations, and the safeguarding of these vehicles – as well as the drivers employed to operate them – is absolutely crucial to the efficient running of the business.
Commercial Vehicle Insurance not only covers the vehicle itself from damage or loss, but may also assist in covering medical expenses or lost wages in the event of an employee or passenger becoming injured during an accident. Need to rent a new vehicle to continue operations? Need to acquire new vehicles? The right Commercial Vehicle Insurance policy will cover it.
Directors and Officers Liability Insurance
The corporate environment (now more than ever) has proven itself to be volatile, problematic and litigious. Business leaders will often have to make fast, difficult decisions under immense amounts of pressure, and these decisions don’t always produce favourable results. A single flawed or ill-informed decision could have disastrous consequences in this ever-evolving legislative landscape, resulting in that person being held personally liable or even sued by employees, customers, investors or competitors.
In so many cases, individual directors or officers are held entirely and legally liable for the adverse outcomes brought about by, what was, essentially, an innocent mistake, a simple error in judgment, or a no-win scenario. This could easily spell both personal and professional ruin.
Directors and Officers Liability Insurance is designed to reasonably indemnify directors and officers – vital cogs to the running of any business – from such claims, and protect them from any personal loss. This type of insurance policy not only benefits the business, in covering the reimbursement of legal fees and other costs, but also protects the individual and / or their spouse from the loss of personal assets.
Errors and Omissions Insurance
Errors and Omissions Insurance is essentially a type of professional liability insurance, designed to protect companies and their employees against claims of negligence, poor workmanship and even the consequences of a security breach.
Any business that provides a professional service, or offers professional advice to a client (such as lawyers, maintenance companies, contractors, consultants, financial advisors, insurance agents and even wedding planners), will no doubt face a substantial amount of risk. Those in the medical industry, such as doctors or dentists, will be all too familiar with these risks and have, in fact, their own form of E&O Insurance in malpractice insurance.
A common example: a client, though well-informed and fully aware of the risks involved, may elect to sue a financial advisor in the event of their investment taking a massive nosedive. In this example, worst-case scenario would see the advisor or company held liable for millions in loss and damages, and best-case scenario, would still have to shoulder costly legal fees.
The right Errors and Omissions Insurance policy helps to protect a business and its employees from such financial blows – and even possible bankruptcy – by covering the cost of legal fees, monetary damages, and more.
Speak to one of our experienced Insurance Gurus today about your unique needs, desires and financial plans, and we’ll help your business customise the perfect solutions to prepare for any possible risk.
Go on, then. Get a Guru in your corner.
Did You Know? If you own the premises from which your business operates, insuring the physical structure is just as important as insuring the contents within. Building Insurance is an essential product, protecting you from common risks such as fire, flooding, electrical damage, weather damage, accidental damage, and much more.