P&C Insurance - 10 Minutes
She’ll Not Necessarily Be Right!
-Why You Should Cover Liabilities with Insurance Plans
Good Liability insurance goes hand in hand with good Risk Management and Health and Safety.
· People/employees How important are they
· Property Tangible – you can see it
· Liability You cannot see it, but this is your greatest risk
Key to the success of small businesses is the need to ensure that unexpected expenses do not affect your bottom line and so you can continue business as normal.
· You can insulate yourself from unpredictable situations.
ü The best bet is to prepare and be ready for when or if ‘things’ happen. For instance, a leaning shelf that falls on a customer can result in a claim against your liability policy.
ü Similarly, an advertisement can be misconstrued in a way you had not forseen.
ü A third Party working as a contractor could inadvertently release your client’s personal information
· Although we can plan and run scenarios, we can never be in a position to handle and ensure the unexpected and unforeseen. But you can be prepared for such eventualities.
Have the right Risk Management Plan & Health & Safety Plan in place
Take the Right Insurance Policy
Insurance policies are the best way to be prepared for unfortunate incidents. Depending on the type of policy in place, you can cover yourself from unexpected expenses.
· You can pay the fees of advocates
· you can cover liabilities
· you can face lawsuits without having to be worried about the associated costs.
And in return for this get peace of mind
All that you need to do is choose a good Broker, pay your premiums on time and most importantly choose a good policy
The wrong policy is a twofold error.
· Not only will you end up spending money on premiums for a policy you find is of no use when it is needed most.
· Not all businesses will have the same kind of risks, and accordingly not all businesses will need the same range of protection.
-Get Your Requirements Assessed. You need a professional to assess your specific requirements before giving you a choice.
· Insurance is one of the most complex and carefully calculated areas of life.
· Rather than opting for an insurance plan that ‘sort of’ caters to a broad category, it is essential to assess your specific requirements.
· Not all businesses will have the same kind of risks, and it goes without saying that not all businesses will need the same kind of protection.
· It is possible that the business next door may have one kind of insurance that does not meet your requirements.
-Your Broker will assist you to work out the specific cover your business needs
· You need to have the forethought to work out the extent of cover required. These are just some of the questions you have to ask yourself.
ü Do you have a storefront where there is heavy footfall of customers?
ü Is there a possibility of bodily harm or accidents?
ü Do you publish advertisements for your products or services?
ü Are the claims in the advertisements founded by assessments you have made or are you relying on the assurances of manufacturers?
ü What will be your liability be if the advertisements do not translate into the actual performance of products or quality of services?
-Protection from Quirks of Nature
· Weather can be unpredictable.
At any point in time, you may find that nature’s fury can hit your business. It is best to be prepared. You can take precautions by ensuring that the construction, roofing and other protection measures are in place and keep the premises safe. But it is equally important to ensure that you are covered to meet any eventuality if the weather wreaks havoc on your business same rules apply when you are looking at Liability.
It is all goes to wrong, ‘She’ll not be right’ unless you are fully prepared