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We wish to inform our clients that our offices will be closed in the afternoon on Friday, 21st June 2024 for our Team Building event. Our branches will be open on the morning of Saturday 22nd June 2024, except for the Gzira and Mriehel branches. Thank you.

Business Insurance FAQ

If you have a question that is not answered below, please contact us.

Business Insurance FAQs

Is cover for Buildings and Contents arranged on an All Risks basis?

There are two types of combined policies:

  1. BUSINESS PROTECT policy provides cover for fire, explosion, lightning, thunderbolt, impact, riot, civil commotion, storm, tempest, flood, bursting of water tanks, pipes or apparatus, falling trees, malicious acts, earthquake, and theft.
  2. BUSINESS PROTECT PLUS policy which provides cover for accidental loss or damage in addition to the perils noted above.

Covers can also be arranged under stand alone policies.

Who can apply for this type of policy?

Most trade, businesses, and professional offices can apply for this type of Policy including Shops, Offices, Retail Outlets, Pubs, Bars, Restaurants, Petrol Stations, Importers, Wholesalers, Beauty Salons, Hairdressing Salons, and Petrol Stations.

What are the advantages of the Business Protect Policy?
  • One single policy for various covers.
  • Competitive premium.
  • A policy which is easy to read and understand.
  • Risk Management Advise at proposal stage.
How do I establish the Sums to be insured under the Business Protect Policy?

Buildings

The Sum Insured should represent a calculation of the full rebuilding cost (not market value) which ignores wear, tear and depreciation but includes:

An allowance for inflation during the period needed to rebuild

  • Landlord’s fixtures and fittings
  • Boundary walls, gates and fences
  • Additional professional expenses: Architects’, surveyors’, consultants’, and legal fees
  • Cost of debris removal
  • Additional costs that are necessary to comply with local authorities’ requirements as a result of the damage
  • Equipment The sum insured in respect of the following items should represent the cost of replacing the items as new without any deduction for wear, tear and depreciation, including any delivery and installation charges:

Machinery

Business Equipment (computers, telephone systems, and photocopiers)

Furniture, Fixtures, and Fittings (including internal decorations)

The items should include the ones, which you own or are legally responsible for as a tenant.

Stocks

The sum insured should represent the total cost of replacement of all your stocks held at the insured premises at the current wholesale (cost) price.

Refrigerated Stocks

The sum insured should represent the total cost of replacement of all your stocks in your refrigerators and/or freezers at the current wholesale (cost) price.

Personal Accident

The benefits that you selected should represent the declared annual salary with respect to the Death/Disability Benefit, while any amount for the Weekly benefit should not exceed 75% of the gross weekly pay.

Loss of Revenue

The sum insured should be adequate to cover the money paid or payable to the Insured in respect of goods sold or delivered and for services rendered in the course of the Business at the Premises less the net purchase price of such goods (adjusted for opening and closing stocks).

Is my liability towards third parties and my employees covered under the Business Protect policy?

Yes it is. As the owner of the business you have certain responsibilities at law.

The Public Liability section will protect you in the event that a client is injured on your premises or your neighbour’s premises is damaged as a result of an accident that is caused through the negligent act or omission on your part and you may be liable to compensation for such damage.

The Employers’ Liability section will protect you should you will be found responsible if any of your employees are injured through an accident in the course of their duty which is as a result of a negligent act or omission from your end. You may also opt to cover payment of wages during injury leave.

Is Cyber cover available under the Business Protect products?

Yes, it is. The Cyber Insurance section will provide cover for three key areas as follows:

  1. INCIDENT RESPONSE – Any investigation and other necessary costs incurred as a result of a security breach.
  2. DATA RESTORATION – Costs incurred to restore access to the Insured’s data assets or to recover, restore, input, configure, and/or replace any data assets that have been corrupted, destroyed, erased, or damaged.
  3. BUSINESS INTERRUPTION – Loss of business income and additional reasonable costs required to maintain business operations and services following a security breach.
Do I need to take out all the covers for Cyber Insurance?

You can opt for all 3 covers noted above. Alternatively, you can choose to purchase cover 2 (Data Restoration) and 3 (Business Interruption) above or 2 (Data Restoration) only.

Is the Cyber Insurance cover expensive?

The Cyber Insurance cover is very competitively priced.

Are there any pre-requisites to purchase the Cyber Insurance cover?

For you to avail yourself from any of the covers noted above, it is important that during the Period of Insurance you:

  1. Maintain anti-virus software on any device that is part of your computer system and routinely update the protection as reasonably necessary;
  2. Maintain firewalls on any device that is part of your computer system and connected to the internet; and

all your data assets are subject to monthly backup procedures and stored in a cloud environment or at an offsite location disconnected from your computer system.

Do any discounts apply on the Business Protect Policy?

Discounts can be allowed under this Policy at the discretion of the Insurers and depending on the risk and sections selected.