Business insurance is about transferring the risks that could stop the business, rather than the ones that merely inconvenience it. That usually means physical assets, legal liability, key people and the workforce.
Asset and operational cover
Fire and property cover protects buildings, plant, stock and contents. Marine cover follows goods in transit. Engineering and contractor all-risk policies cover machinery and project sites. Shop and office packages bundle the common covers for smaller premises.
Liability and people
Public liability answers third-party injury and property damage claims. Workmen compensation meets your statutory obligation to employees. Group health and group term cover the workforce. Keyman and partnership policies protect the business against the loss of the people it depends on.
Cyber cover
Cyber insurance responds to data breach, ransomware, business interruption from an attack, and the legal and notification costs that follow. For any business holding customer data or dependent on systems, it has moved from optional to basic.
The under-insurance trap
If sums insured are below reinstatement value, claims are reduced proportionately — even partial ones. Values should be reviewed every year, not carried forward from the first policy.