Business Insurance FAQ
Please see below for a list of common questions about our policies. If you have a question that is not answered below, please Contact Us.
Is cover for Buildings and Contents arranged on an All Risks basis?
There are two types of policies:
- BUSINESS PROTECT policy which 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.
- BUSINESS PROTECT PLUS policy which provides cover for accidental loss or damage in addition to the perils noted above.
Who can apply for this type of policy?
Most trade and businesses 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 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 tenant.
Stocks
The sum insured should represent the total cost of replacement of all your stocks held at the insured premises at 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 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.
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.
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.