Your property is subject to many risks, including social and catastrophe perils, structural issues and even disputes with tenants. By purchasing a commercial property insurance policy, you can make sure that you are protected against these risks.
If a fire causes the facility to be temporarily unusable, what would you do next? Would your business be able to pay utilities, wages or any other standing charges without income? It could take months before the damaged property is rebuilt and the stock, machinery and equipment are repaired or replaced. Ideally, you would move to a temporary location while your permanent place of business is being repaired. Yet, traditional property insurance does not cover this move or a loss of income when a business must temporarily close. This setback can be minimised by adding business interruption (BI) insurance to your property insurance policy.
Terrorism is not new, but the frequency, audacity and geographical reach of terrorist attacks have noticeably increased in recent years. Understandably, business owners, risk managers and insurers are concerned with mitigating the risks posed by increasingly prevalent, damaging and random terrorist attacks.
Because losses, costs, damages and expenses from terrorism are typically excluded from standard commercial insurance policies, terrorism cover must either be added on as an extension or purchased as a stand-alone policy. By adding terrorism cover to your policies, you can protect your business from this ever-growing set of hazards.
The only way to effectively protect the assets of your business is to carry adequate insurance cover. Liability insurance protects your business from damages caused by bodily injury or property damage for which your business is found to be legally liable.
Owning an unoccupied building can pose serious liabilities because unoccupied buildings are more susceptible to vandalism, undetected repairs, fire and other losses. If you own unoccupied property, it is advisable to purchase unoccupied property insurance, also known as unoccupied building insurance to protect against risks.
So, you’ve decided to go green by buying or renting a BREEAM-certified building for your business. In addition to a reputational boost for taking strides to help the environment, you will likely also be saving on heating and electricity costs. The next step is to look at your insurance policies and make sure your investment is protected as well as that you are covered for the perils associated with green properties and buildings.
Because going green is a still relatively new, your public and products liability policy probably does not specifically address these risks or indicate whether or not they are covered. It is always best to take a close look at your policy to determine if your plans to go green cause any changes. Learn about additional cover options for green buyers or renters here.
Despite proper risk management practices, even the most successful and prepared organisations can find themselves suffering from the consequences of a legal dispute. And dealing with litigation problems certainly isn’t cheap—whether it be hefty fines and legal representation costs or excess time spent away from the office, such disputes can leave businesses with a broken bank and a tarnished reputation. Fortunately, insurance policies such as commercial legal expenses cover can help protect your organisation in these circumstances and set you on the road to recovery.
As an employer, you need to ensure that your employees have a safe working environment, and part of that means conducting inspections on and maintaining work equipment. The purpose of an inspection is to identify whether work equipment can be operated, adjusted and maintained safely and to detect and remedy any issues before it results in a health and safety risk.