Business people are exposed to risk from the first day of starting their business. Even before the company start employing resources, a business is already at risk, making it quite essential to have the right cover in place, in case of any unforeseen circumstance.
Eventually there is wide range of insurance policies available in Nigerian insurance market to carter for wide range of risks experienced by entrepreneurs on the course of running their business. These are the types of insurance a business should have as soon as possible
- Vehicle Insurance: Before a company’s vehicle/s should be used, it is advisable to buy a third party or comprehensive motor insurance to protect the company from liabilities in case an accident occurs. If your employees are using their personal vehicles for business, there is a need to purchase personal to cover them when eventuality occurs.
- Property Insurance: Property insurance is very vital for business no matter if the business owns the property or leased. Property insurance also covers the contents: for example, equipment, inventory, signage, furniture in a case of perils like fire, storms or theft.
- Employees Compensation Insurance: This covers medical treatment, disability and death benefits in the event an employee is injured or dies in the course of discharging his/her duties with that business or company.
- Professional Liability Insurance: This is type of insurance is also known as professional indemnity. It is a cover for commission or omission that might occur on the course of discharging official duties against clients of the business. It covers a business against negligence claims due to harm that results from mistake or failure to perform duties.
- Business Interruption Insurance: Business interruption insurance compensates a business for its lost income in event of staff’s inability to work in the office, manufacture products or make sales calls due to disaster or catastrophic situations.
- Product Liability Insurance: Product liability insurance is a must for businesses that manufacture products for sale on the general market. Even a company that is very careful in the course of production could find herself in the court battling with consumers for the damages caused by the products. Product liability insurance covers a business in such a case.
- Home-Based Insurance: Many entrepreneurs start their businesses in their own homes. Unfortunately, homeowner’s policies don’t cover home-based businesses as the commercial property insurance. In this case ask your insurance broker additional insurance to cover your equipment, inventory and furniture in the event of a mishap
Having the right insurance cover is an assured way your business can avoid a major financial loss due to eventualities and guarantee sustainability and success. Contact ORANGE INSURANCE BROKERS LIMITED to find out what forms of insurance are advised for your type of business and start NOW.