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Recommended Insurance

Recommended Insurance

 There are a wide range of different insurance policies covering many different types of risk. The following are some of the more common insurance policies.

Motor vehicle insurance – If you use private vehicles for business purposes you must ensure the owners private policies cover them for business use.
Employee travel insurance – if your employees travel abroad you should ensure they are covered by employee travel insurance and the policy covers the countries they are visiting. Additional cover can be provided for equipment including computers and also money.

Fidelity insurance – covers you against the loss of money or stock arising from the dishonesty of your employees.

Key Person insurance – covers your business from losses resulting from the disability or death of a key person employed within the business.

Premises insurance – your business premises should be insured for the full rebuilding cost including the cost of clearing the site and professional fees. Standard cover insures against most risks but check for any exclusions. An “all risks” policy will give wider cover including accidental damage.

Glass and sign insurance – covers for the replacement of glass or signs following malicious or accidental damage. This is not normally included under standard premises insurance.

Contents cover – covers the contents of the building.

Stock insurance- should be insured at its cost price. Allowances can be made for any seasonal fluctuations in the value of stock.

Plant and business equipment – can be insured on a new for old basis or an indemnity basis where wear and tear is taken into account when settling any claims.

Goods in transit cover – goods in transit insurance covers goods against loss or damage whilst be transported in your own vehicles or by a carrier.

Money and cash insurance – limits are applied to money on and off premises, money in safes or at the homes of directors or employees.

Trade Credit Insurance – covers businesses against the risk of bad debt due to the insolvency or default in payment of their customers.

Public Liability Insurance – covers the business in connection with the declared business activities for legal liability to pay damages to members of the public for accidental bodily injury death or disease and accidental loss of or damage to material property. It also covers legal fees and costs and expenses incurred as a result of the claim.

Product Liability Insurance – if you make, repair or sell products you could be held legally liable for damage or injury arising from defects in the design or manufacture even if you have not been negligent.

Directors and officers insurance – company director and officers have specific duties and responsibilities for which they can be held personally liable. Directors and officers insurance provides cover for compensation and legal costs if the directors are found to have inadvertently acted outside of their terms of reference.

Business interruption insurance - insures your business against disruptions to your business that leads to a loss of income or additional expenses.


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