Commercial motor insurance covers all the cars, bikes and other vehicles that are used for official or business purposes. Business vehicles are subject to damage, accidents, and theft and should be fully protected so that you don’t incur a loss. Whether its luxury business vehicles like sedans, SUV’s, or station wagons, delivery vans, transport trucks, mobile cranes, etc. they should all come under the purview of insurance protection.
The business spends loads of money not only on the purchase of these vehicles but on the maintenance as well so motor insurance for business vehicles is just as important as insurance for your own personal vehicle. Choose an insurer or insurance company like Progressive Insurance Brokers who will issue you the best insurance coverage policies for your business vehicles. The value of each vehicle is assessed and covered by our solid insurance policies.
Motor insurance should also cover contingent damages to third party vehicles or property caused by the business vehicles and should include the same in their commercial motor insurance policies. Also, make sure to always keep a copy of your vehicle insurance in the glove compartment or dashboard of your vehicle. All business staff should have a copy of the insurance too.
Property Insurance has several different names in the insurance industry. Depending on your insurer it can also be known as Fire and Perils cover or Material Damage cover. But regardless of the name, it covers the material items of your business such as buildings, contents, stock, plant and machinery, customers’ goods and goods in your care, custody and control.
The policy normally covers perils such as fire, lightening, explosion/implosion, destruction or damage caused by aerial devices, natural events like earthquakes, storms, cyclones, floods, storms, rainwater, wind, hail and snow.
There are often variations between insurers on the specific perils covered and their basis of settlement. This makes it imperative to seek advice from an insurance adviser to review the following key considerations when placing property cover:
• Has the occupancy and use of your premises been adequately disclosed to the insurer?
• Is the sum insured indemnity or replacement value?
• Is your sum insured adequate? What are the considerations in determining your sum insured?
• Will having obsolete plant, equipment or stock at your premises affect your claim settlement or the co-insurance clause?
• Could you build somewhere else in the event of your property being destroyed?
• What if you decide not to rebuild? How does that affect the claim settlement?
• What is covered under the definitions of Building and Contents?
• Is accidental damage covered, and to what extent?
• Does the wording allow for seasonal increases of stock?
• What if the premises are unoccupied or become unoccupied?
• What if the premises are heritage listed?
• Are directors and employees’ property covered?
• What are the extra costs of reinstatement?
• Are your demolition and removal of debris costs covered?
• Are you covered for loss of land value, and if so to what extent?
• Does your policy include catastrophe cover? Where the insurer increases the limit of liability by a pre-set percentage to cover the increased building costs associated with catastrophes, is this percentage adequate?
With so much to keep in mind, Property Cover can be more complicated than it initially seems. The best way to navigate the options and ensure you’re fully protected is to speak with an Progressive Insurance Brokers today.
Your business has to be operating on a continuous basis to earn profits and satisfy customers. But what if something like a natural calamity interrupts the smooth working of the business and puts your business out of a job and leaves customers hanging?
Business interruption insurance or insurance against loss of profits can cover any shortfall in the gross profits caused due to a temporary stoppage of the business activities and can help financially support your business till it can resume its normal working activities. A good business interruption insurance should cover GP or gross profit, fixed and semi-variable costs and net profit plus expenses.
For this, you must calculate the correct GP – gross profit according to the applicable accounting standards and project what the future GP will be 1 or 2 years down the line without overstating the amount. Another important factor to consider is the indemnity period or the period for which insurance will cover plus the time it takes for the business to start making profits again.
Factors that affect indemnity period are loss of customers, rebuilding/relocating premises, loss of employees, reordering, reinstallation of plant and machinery, replacing technologies, getting approvals, increased cost of manufacture, etc.
Just like how we as individuals are liable to so many people in our lives your business is liable to many parties as well such as its employees, creditors and lenders, shareholders and the public. Despite our best efforts, we may commit a breach of these liabilities unknowingly that could cause loss, harm, and damage to the aggrieved party who in turn could sue us or the business.
Your business is responsible for the following types of liabilities –
• Loss or damage to a third party property
• Employee’s complaints and grievances
• Poor workmanship and defects
• Omissions and errors in services or advice
• Faulty products that can cause injury to third parties and damage to consumers
• Breaking the law or breach of a legislation/statutory law
Liability insurance protects the business from its liability to pay third parties or outsiders damages or compensation for the loss or damage caused to them due to the unintentional actions of the business. Liability insurance should include some of the following important covers –
• General and product liability
• Directors and officer’s liability
• Statutory liability
• Cyber/internet liability
• Pollution & Environmental Liability
• Contractual Liability
• Marine Liabilities
• Information Technology Liabilities
• Medical Liability
• Professional Indemnity
• Advertising Liabilities
• Care, Custody & Control Exposures
• Product Recalls
• Faulty Workmanship & Product Guarantee
Whether you’re expanding your existing business by building new offices or are into the business of construction having insurance to protect your construction work is very important. During the construction of a new office building for your business, there are many risks involved such as natural calamities like storms, earthquakes, floods, fire. Other risks include theft, malicious damage, loss of building materials, excavation issues, impact or collapsing, and any other types of damage.
Construction or contract insurance should cover all risks and damages from the time construction starts till the building is completed and handed over to the owner (in the case of building or construction contracts outsourced to builders). It is important to evaluate the cost of the building upon completion plus any extra and escalating costs that may arise during construction. Rebuilding costs should also be included in the construction insurance.
Progressive insurance brokers will take all risk factors into consideration while providing construction or erection insurance for your business and will make sure to not leave out anything in the insurance policy. Your building for your business will be protected 100 percent from start to finish against all possible risks. Any damage to the current building due to construction work is also accounted for.