When you own or even manage a business, either small or large, you are going to require some insurance type to protect your business against the different risks and potential multitude of claims, that the business of yours will face.
builders risk insurance as it’s generally known, is a complex area of underwriting as well as because all businesses will vary, and face different risks depending upon the nature of the company, different packages and combined policy covers have been introduced by commercial broker and insurance companies schemes, to make the process easier.
A good example of a business insurance program that is often sold online is the Tradesman’s insurance package, which includes many elements of cover required by a business or perhaps self employed trader like simple liability covers and theft of tools.
Other business insurance packages which are trade specific and can usually be obtained online are accessible for guest houses, hotels, surgeries, offices, and shopkeepers, restaurants, public houses and builders.
Big businesses will be offered what’s known as a commercial combined policy which has numerous elements of cover that can easily be combined to create a bespoke policy for the enterprise. Most big companies are going to require some amount of risk assessment before the policy is underwritten, which may often include a trip to the business premises or perhaps site, and also for this reason these types of larger business usually employ the services of specialist commercial insurance brokers.
The biggest risk that a company faces is from liability to others, and the potential damages and costs a company could face if a claim was made against it.
All companies are required by law to have in place liability cover, called Employers liability insurance or perhaps EL, to protect their staff against all possible risks and accidents while in the workplace.