Business Insurance

Trade Credit:

Probably the most important parts of your business to cover if you operate on a credit term basis. We can arrange protection for money you are owed from clients/customers (bad debts).

 

If your business involves exporting we can also arrange cover when clients do not wish to establish a Documentary Letter of Credit and wish to trade on an Open Account Documentary Collection basis. Insured events include war, exchange restrictions, export/import restrictions and non-payment by a public entity.

 

Accident and Illness:

Covering you against loss of income resulting from an injury or sickness either paid in lump sum or a weekly benefit.

 

Business Package:

Property

Provides protection for your buildings, contents and stock against Fire and other Perils such as explosion, earthquake, storm and tempest, impact, vandalism, riots and strikes, aircraft, water leakage and flood upon request.

 

A sum insured is required for each building, contents, customer goods, stock and specified items. You should enlist the services of an accredited property valuer to supply you with an accurate sum insured for your building.

 

Business Interruption:

The interruption to trading that follows a fire or some other insured event can often have more serious financial implications for your business than the actual damage itself.

 

You may choose to insure either gross income or an elected weekly income.

 

Other items that may be covered are payroll, increased cost of working, book debts, gross rentals and accountants fees.

 

For a calculation sheet to calculate your possible interruption exposure, either yourself or in conjunction with your accountant please contact your T&G Account Manager.

 

Public and Products Liability:

Your business can be covered against liability to pay compensation for personal injury to third parties or damage to property of third parties, including liability arising from ownership of buildings or land used in connection with your business.

 

You can also be covered for liability arising from unknown defects in your products and product recall costs if any products need recalling.

 

Other Covers available under a Business Package Policy:

  • Theft/Burglary
  • Money
  • Glass
  • General Property

 

Business Practices/Management Liability:

You as a business owner can be held responsible for not only your own actions but also action of others. Just some of the covers included under Business Practices/Management Liability are:

  • Provides cover for defence costs as well as fines or penalties arising out of a breach of an Act of Parliament including:
    • Occupational Health & Safety Act (If workers compensation investigate your business following an injury to an employee/contractor).
    • Chain of Responsibility.
    • Pollution.
    • Environmental Protection Agency.
  • Liability for damages and legal costs incurred due to Employment Practices, i.e. wrongful termination, failure to promote, refusal to employ, demotion, harassment (including invasion of privacy), unlawful
  • bullying etc.
  • Protects directors’ and employees’ personal assets from wrongful acts undertaken in performing their duties of responsibility

 

 

 

 

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