Published on the 6th August 2024
An Expert Guide To Different Types Of Business Insurance
Reading Time: 5 min read
Insurance is an age-old concept. Historically, the idea of insurance dates back to 1750 B.C., when the Babylonians carved the Code of Hammurabi into stone tablets. The code defined that a ship’s cargo could be pledged in exchange for a loan.
During the Middle Ages, the concept of insurance was developed with tradespeople and craftsmen working in guilds. The guild system enabled the trades to pay into the guild so that there were funds available to support them as an early type of business insurance.
Today, there are multiple business insurance policies available that empower businesses through increased protection of physical assets, confidential data and employees in the workplace.
Contents
- What are the different types of business insurance?
- How business insurance delivers peace of mind.
- Safeguard your business with GasanMamo insurance.
What are the different types of business insurance?
Insurance companies have evolved to cover the wide variety of needs within business communities. Just a few years ago, it would have been likely that businesses would have bought into a general, all-purpose business insurance policy that covered most of their needs.
Nowadays, insurance companies react to market requirements and look to the future to prepare coverage that will enable businesses to grow and adapt while staying protected.
There are plenty of options when it comes to business insurance, with the ability to customise and tailor insurance offerings to align with your business objectives. Here are some of the main types of business insurance to cover your organisation:
- Business asset insurance
Providing protection for all of your physical assets is a must in our current economic climate. Many businesses are dealing with streamlined budgets, meaning that preserving your buildings, stock and equipment is key to uninterrupted business workflows.
Some insurance companies can supply cover in the event of fire, storms, floods and other perilous natural events. Incidents of theft might also be included, which you can check with your insurance provider.
- Loss of income insurance
If something happens to restrict your normal business operations, this can be destabilising. That is why a loss of income insurance policy is essential for any business.
In the event of an unexpected occurrence, your policy should help to cover operational costs to ensure continued production and pay any outstanding bills.
- Liability insurance
Any third-party incidents that occur on your business premises may create a third-party claim against your business. As a sensible precaution, investing in liability insurance will allow your business to have liability cover in case any third party suffers an injury or property damage on your premises.
- Employee protection insurance
Having a safe place to work is important for your employees and for your business. Putting an employee protection plan in place will help you reassure workers that they are safe at work and have cover in place if they are injured and need compensation.
- Cyber protection insurance
Providing cover in the event of a cyber attack or data breach may be a new phenomenon for some businesses, but with cyber hacks at an all time high, there’s never been a better time to start protecting your digital and data assets.
With over 2.5 billion known records breached so far by 2024 in Europe, safeguarding your confidential information and that of your customers is a vital step in making sure your business can survive if there is a breach of your security defences.
Cyber protection insurance policies should cover you for responses if an attack takes place and for the recovery of stolen or compromised data. This protection will help to reassure employees or customers that normal service can resume.
How business insurance delivers peace of mind
As a business owner, it is imperative that you ensure safety and protection across your whole organisation. With the appropriate business insurance policy or policies, you will feel happy in the knowledge that all operations are safeguarded. This allows you to focus on running your business without having to worry about accidents or incidents.
Enabling credibility and building trust, having the right insurance policies available for your employees and any third parties means you increase the strength of your brand reputation. Insurance also helps you to meet any compliance requirements, generating transparency and improving regulatory alignment.
Safeguard your business with GasanMamo insurance
With a wide range of business insurance policies available, we are Malta’s leading insurance specialists. We work closely with businesses to ensure that our business insurance policies are robust and comprehensive in nature.
If you’re looking for a specific business insurance policy, whether it is employee protection insurance, liability insurance or cyber protection insurance, GasanMamo has ideal business insurance policies that can be tailored to keep your assets and employees safe.
Discover more details about our extensive range of business insurance policies in our business insurance section or get in touch with our team for a chat.
GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.