What is Business Insurance?
Commercial insurance is insurance for a business. In fact, business insurance is one of the most important decisions a business owner can make. Commercial insurance is instrumental in protecting a business from potential loss caused by unforeseen and unfortunate circumstances.
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When you purchase a business insurance policy you are protecting yourself against the possibility of loss, damage, liability and more. Just as you need car insurance or home contents insurance, your business needs cover for its assets. Business insurance can also provide coverage for employee injuries and business interruption. A business owner who operates a business without considering commercial insurance puts his enterprise at risk. The risk of operating without commercial insurance means your business could lose money or even property because of an unfortunate event. Sometimes even the business owner may place personal money or property at risk by not having adequate commercial insurance coverage.
IHN Konsult offers a complete one-stop solution and impeccable levels of service with fast turnaround times.
We will accurately determine the amount of risk financing you need and place your potential risk with the best possible commercial insurers in the market.
What is the difference between Public Liability Insurance and General Business Insurance?
Some business insurance products do include public liability insurance as part of the protection they provide. However, commercial insurance generally covers business assets from loss or damage due to theft, vandalism, flood, fire, and other perils.
Any business can cause injury or damage to people or property. Public liability insurance or business liability insurance is a type of commercial insurance that protects your business against claims for injury or damage cause by your enterprise. Every business is duty bound to protect their clients, suppliers, distributors, the general public and the environment. More importantly businesses need to protect themselves with liability insurance from any possible claims that may arise from accidents. Businesses that: preform work on their clients premises, which manufacture products or work on other peoples assets are particularly at risk. Although Public liability insurance is not legally compulsory, it is essential for drastically reducing your businesses financial risk.
How much does Business Insurance cost?
When it comes to business insurance, the real question is not how much it is going to cost, but rather how much it could cost if you don't have it. The smallest loss can affect a company's ability to operate effectively. The cost of business insurance will vary depending on the type of business you run and the type of coverage you need.
Business insurance premiums, like all insurance premiums, are determined based on risk and are calculated to reflect the probability that you will make a claim or someone will make a claim against you. Those businesses that are unlikely to claim will have lower premiums than those more likely to make a claim.
Commercial insurance companies take many factors into consideration to determine the likelihood that a claim will be made. The factors that commercial insurance companies use to determine business insurance premiums include: the history and risk in your industry, the history and risk of your company, training for employees, safety procedures, documentation, insured sum, liability limits, the type of assets insured, and other factors.
What kind of damages are covered by Business Insurance?
Our short-term industrial and business insurance offering includes the backing of a network of product providers to ensure the most suitable level of cover available in case of:
- Fire: Fire, lightning, storm, explosion and other specified perils in respect of the building, machinery, stock and other contents.
- Contents: Comprehensive insurance for office contents and documents.
- Low Cost: We add value to business insurance through products, tariffs and low excess structures that are unique to us and very competitive in the marketplace.
- Business Interruption: Loss following interruption of or interference with the business in consequence of damage occurring to the property as insured under a material damage policy.
- Theft: Loss or damage caused during theft (forcible and violent entry).
- Money: Loss of money (cash and cheques).
- Glass: Damage of glass.
- Fidelity: Loss of money or property due to dishonest employees.
- Transit: Comprehensive insurance for goods that are not transported per sea. Restricted cover can be taken.
- Business all risks: Comprehensive policy for the insurance of expensive items which can be taken away from the insured's premises.
- Accidental damage: Accidental loss or damage to property by any cause not specifically excluded or for which insurance may be available under any other policy.
- Public liability: Liability towards third parties upon death, bodily injury or illness or damage to property. Products liability and defective workmanship can be included.
- Employers liability: Liability towards employees upon death or injuries whilst on duty.
- Motor: Comprehensive or limited insurance for all vehicles.
- Electronic equipment: Comprehensive insurance for computers, laptops and other electronic equipment.
- Maschinery breakdown: Unforeseen and sudden physical loss of or damage to machinery.
- Professional liability insurance: Compensation due to the negligence or failure of professional persons.
- Contracts all risks insurance: Comprehensive insurance for contract works. Liability can be included.
- Riot cover (SASRIA): Loss or damage to property due to riots/strikes.