Business Insurance Plans: Protecting Your Business

The process of growing your business requires a number of supportive factors to ensure continued expansion and security. A key element is to have appropriate business insurance plans in place.

Protecting your business from an unexpected event is necessary in today’s uncertain environment. Trading has been exposed to both risk and opportunity in the last decade, so it makes sense to ensure your business is safeguarded against any unforeseen scenario.

The Insurance market in Europe is projected to reach a market size of USD 1.66tn in 2024, with predictions of a rise to USD 1.73tn by 2028. The market is growing as businesses are looking for reliable and consistent liability cover to give peace of mind.

If you are a business owner, you probably want to know do you need business liability insurance and what business insurance plans are available.

Contents

• A guide to business insurance policies.
• What are the 4 most common business insurance plans?
• How do I make a business insurance claim?
• What is the best insurance for a business owner?
• Find your business insurance with GasanMamo.

A Guide to Business Insurance Policies

There’s no doubt that there is an increasing level of flexibility in business insurance over recent years. This is because more businesses are looking for tailored insurance policies that suit their goals, and their customers’ needs.

This means that doing your research as a business owner can reap rewards in terms of securing a business insurance plan that aligns with the specifics of your company.

Business insurance, also known as commercial insurance, is a cover that is purposefully designed to protect your business in case of an unexpected event. If your business faces an insurance claim, business insurance can help safeguard interests and protect against financial risk.

You will find there are many different aspects to business insurance, such as coverage for legal issues, property damage, or risks related to employees. Working alongside an approved business insurer will enable you to work out your exposure to potential risk and the right policy to address this.

What are the 4 Most Common Business Insurance Plans?

Every business is different, with a wide range of needs and organisational goals. For the most part, the following four categories are the most popular for businesses to adopt for reliable business protection.

• Insurance for business assets
  

An insurance for business assets policy protects against the loss or damage of physical assets, such as buildings, equipment or stock. Policies may cover certain eventualities, including fire or floods.

• Loss of income insurance
  

If an unexpected event occurs which hampers the normal operations of your business, this may result in the loss of business income. An interruption in financial flows can impact trade, which puts pressure on resources and could create additional costs. Loss of income insurance can reimburse your business to cover any shortfalls.

• Employee protection insurance
  

Some insurance companies provide employee protection insurance, which ensures that the most valuable assets in your company – your team – are sufficiently safeguarded. Policies may compensate employees if they have an accident, suffer bodily injury or a fatality.

• Employers Liability insurance
  

If your company is legally liable for third-party incidents on your premises, you can access insurance that covers your legal liability for third-party injuries or property damage.

How do I Make a Business Insurance Claim?

In the event of an accident, it is imperative to contact your insurance provider as soon as possible with all of the relevant details, including points about the accident and your policy number.

You will then be asked to complete a claim form and submit this with the correct documentation to support your claim, such as quotations for repairs or technical reports.

What is the Best Insurance for a Business Owner?

In essence, the best insurance for your business is the policy that covers all of your individual insurance needs and is customised to suit your business. Some insurance providers will offer a flexible type of coverage that protects the essential aspects of your business and covers the company’s legal liabilities.

These days, every business has to consider the legal implications of the digital world. That’s why investing in cyber protection insurance is a must, as a comprehensive policy will cover incident response, data protection and support for business interruption.

For more on business insurance, discover our recent blog, why you should invest in small business group health insurance.

Find your Business Insurance with GasanMamo

As a business owner, you want an insurance provider that delivers reliable and consistent protection for you, your company and your employees. At GasanMamo, we provide expert advice and work with you to make sure your business insurance policy is customised to suit your business operations. We also look to the future and consider your goals and how your business will grow.

Whatever you need, GasanMamo is a specialist business insurance provider. To get started in your business insurance search, take a look at the comprehensive policies and benefits that could be yours on our business insurance page and get in touch with our friendly expert team today.

GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.