Travel, Supplemental Health, Life Insurance and More: Choosing the Essentials

The Office Insurance Types that You Must Consider to Counter any Business-Related Risks

Posted by on 2-02-16 in Uncategorized | Comments Off on The Office Insurance Types that You Must Consider to Counter any Business-Related Risks

For any business whether small, medium or big, getting an office insurance cover can help to protect against any possible incident within your premises. There are four main office insurance options that you need to understand well and apply to your office operated business. Buildings and contents insurance This covers your business’s buildings, i.e. the office blocks, staff houses, stores, warehouses, etc. You need the building insurance to protect your premises if your business owns the buildings. You receive compensation in case the office or premises get badly damaged due to bad weather like an earthquake or a fire outbreak. You have to submit a claim to the insurance provider for repairs and renovations. In addition, the contents insurance covers are your office equipment and furniture like computers, printers and scanners, desks, cabins, etc. You get compensated in case they are stolen or badly damaged. Employer’s liability insurance This covers your business’s human resource, i.e. the working staff, volunteers and freelance workers. This insurance is a legal requirement for every business. It protects you in case someone from your workforce gets in an accident at the workplace or their belongings get damaged while they are at your workplace. This helps to boost confidence and motivation in your staff to know that whatever happens to them while at work, they will be compensated with this kind of office insurance cover. Public liability insurance This covers your customers/clients while they are within the business premises. In case your business has customers visiting the business’s premises, then you will have to obtain the public liability insurance coverage. It’s your role to ensure that your premises are risk free, and this includes protecting your clients with an insurance cover. This means that if a client or visitor gets injured at your office, then your insurance has to compensate them for the costs of injuries caused to them and their belongings. Business interruption insurance This insurance compensates you for any lost returns or income during a certain period of time of inactivity. The option offers funds for your company in case it cannot operate for some time due to several reasons like office renovations and may lose out to its business rivals. All you need to determine is how much funds in terms of a financial cover you need and for what period of time you want the cover to last so by the end of that period your business resumes straight away. Getting all the above office insurance options improves your business operations without encountering any obstacle. The reason is that you will be very confident knowing that whatever may happen to your business, you always have a stand-by rescue insurance to get you out of any business-related disaster. Not only does this help you to meet legal requirements, it also supports your business to succeed in the longer run. For more information about office insurance, contact a local insurance...

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Does Your Business Really Need Public Liability Insurance?

Posted by on 8-08-15 in Uncategorized | Comments Off on Does Your Business Really Need Public Liability Insurance?

Public Liability Insurance (PLI) is often seen by businesses as an expensive but necessary element of their business insurance portfolio.  But does your business really need PLI or are you just wasting your money?  After all, PLI is not a legal requirement for businesses. Before addressing the question, it’s important to clarify what PLI actually covers: Injury to third parties as a direct result of your business operations Damage to a third party’s property as a direct result of your business operations Should either of these events occur with the result that your business is sued for damages, PLI will cover you for the cost of any legal fees and compensation awards made against you. What types of businesses need PLI? Contractors If your business involves carrying out work on clients’ property, such as electrical repairs, building work or decorating for example, you will probably find that most of your clients will expect you to have an element of PLI in place before they will employ you.  This gives them the peace of mind that, should their property be damaged accidentally or as a result of your negligence, they will have financial redress against you. It’s recommended that you have a fairly sizable element of PLI cover in place if you run a contracting business, as the risk of a claim is potentially quite high.  Telling prospective clients that you have PLI cover also gives an impression of professionalism and integrity, which is all-important when trying to secure new business. Public facing companies Businesses that work directly with the public, like hotels, restaurants or shops for example, really must have PLI cover.  Sheer weight of numbers passing through your business premises on a daily basis dictates that one day someone will have an accident, and you may find yourself on the wrong end of a potentially bankrupting legal action if you’re not covered. Office-based businesses If you run an office-based business which has no direct interaction with the public, you might think that PLI is not appropriate for you.  However, most firms have third party visitors from time to time in the form of sales reps, suppliers or delivery people.  Any of these people could suffer an accident whilst on your premises, so you should have a small amount of PLI cover in place, just in case. Home workers If you run a small business from your home, you may not need PLI cover, unless you regularly have clients visiting you there or suppliers calling in.  For example, a freelance writer who deals exclusively with clients online probably won’t need PLI, whereas someone who runs a hypnotherapy clinic where clients call in daily for treatment will do. In conclusion PLI cover is something you should seriously consider including in your business insurance portfolio if you have any dealings with the public, third party suppliers or other visitors to your business premises.  These days, no-win-no-fee public liability claims against businesses are very popular and having adequate PLI cover could save you and your business from facing serious financial problems in the event that a successful claim was made against you. For your own peace of mind, it’s well worth having a chat with your insurance broker such as Elders Insurance about including PLI in your business insurance...

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