Top FAQs Business Insurance

Top FAQs Business Insurance

Business Insurance has been developed to provide essential cover in the event of claims arising from loss or damage to property and injury to persons in the course of carrying out your business activities. For businesses with a professional service, protection from claims arising from professional errors and omissions is very important. If you value your business and livelihood then you should have effective insurance cover in place. Claims against your Business could potentially result in not just substantial cost to the company but to you personally – even Director’s of Limited companies are at risk – which is why Directors and Officers liability cover is also becoming crucial.

Here are the 10 ten most Frequently Asked Questions about business insurance:

1. DO I NEED TO TELL THE INSURERS EVERTHING ABOUT MY BUSINESS?

Your Insurers need to be aware of all the facets of your business in order to asses the risk and meet the needs and demands of your insurance requirements to ensure you are fully protected. Failure to advise your insurers of a material fact could invalidate your cover!

2. WHY DO I HAVE TO REVEAL MY WAGE ROLE?

Your Insurers need this information assess the size of your company and the potential liability you may have to other parties.

3. DO I HAVE TO TAKE OUT LANDLORD INSURANCE TO INSURE MY LANDLORDS PROPERTY?

This depends on the terms