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Business Insurance
It is essential that your business is adequately insured to cover all possibilities. If you are unable to use your business premises for even a few days it can have a devastating effect, and in the case of a disaster situation you could be unable to return to the building for an unforeseeable amount of time. Although it is impossible to mitigate all risks you can protect your business by ensuring you have comprehensive business insurance.
The kind of insurance you require will very much depend on your circumstances and the type of business that you run, the premises you use and the amount of employees you require cover for. If your business uses heavy machinery or vehicles then this will also need to be taken into account when requesting business insurance cover.
Types of Business Insurance
Business Owner Policy
Business Owner Policy is a packaged insurance policy that combines the standard insurance options businesses require such as property, business interruption, vehicle, flood, liability and crime insurance. For small and medium sized businesses a BOP can be cost effective as it is usually cheaper than taking out individual policies on their own. Some of the types of cover included in a BOP are detailed below. Others are not normally included in a BOP and would have to be specifically included or taken out separately.
Business Interruption Insurance
Business interruption insurance will cover your company in the event of loss of income if your business has to be closed temporarily due to an unforeseen event such as a natural disaster. It will cover you against loss of profit or cash flow if your company is unable to operate. It is not a stand alone policy but is usually combined with or added to the business’ comprehensive or property insurance policy.
Business Interruption Insurance is often referred to as Business Income Insurance. Usually, it covers the business for profits that would have been earned has the disaster not occurred, operating expenses and other costs that still occur despite the disaster, the costs incurred for moving to and working from a temporary site, as well as reimbursing the business for reasonable expenses required for the business to continue operating until the normal place of business is repaired.
Buy-Sell Insurance
When the owner of a business wishes to buy out their co-owner then buy-sell insurance provides the funding for the agreement.
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More types of Business Insurance are on the next page.