Premier Wealth
What is Business Insurance?
Business Insurance is an insurance contract that basically would COVER your businesses from all the different types of risk that businesses face.
Primary Risks:
● Loss of Profits
● Business Continuity Risk (potential lost asset and lead to loss of profits as business stopped)
● Loss of Manpower
● Loss of Human Resources/ Human Capital (Eg: Loss of CEO/ Key person in the company)
● Key Person Insurance/ Key man Insurance
● Loss of Assets
● Loss of Intangible Asset (Human Resources, Human Capital or Key Capital)
● Liability Cancellation
● Liability Insurance due to physical damages or due to negligence.
Primary Types of Insurances to take for Business Owners:
Liability Insurance
Asset Insurance
Key Person Insurance
Loss of Profit Insurance
Professional Indemnity
Here are some questions to ask yourself when preparing for business insurance:
Required by law; Protect your employees; Protects your customers; Build Credibility; Contracts may require business insurance; Helps recruit and retain employees; Protect Board of Management and Offers Peace of Mind.