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Why is it essential for your company?
Running a company involves many risks: disasters, legal proceedings, financial losses, etc. Online business insurance helps protect your business against these unforeseen events. But what coverage is available and how do you choose the best option? This article guides you to understand cheap commercial insurance and its advantages.
What is commercial insurance?
Commercial insurance is a contract intended for companies to cover the financial risks related to their activity. It protects:
- Property damage (fire, theft, water damage).
- Civil liability (damage caused to a third party).
- Operating losses in the event of a business interruption.
- Cyber risks and other digital threats.
By taking out the right insurance, you minimize the financial impact of claims and ensure the stability of your business.
The main types of commercial insurance
1. General liability insurance
This coverage protects your business in the event of bodily injury or property damage caused to a third party.
Example : A customer slips on a wet floor in your shop and sues you. The insurance covers legal and compensation costs.
2. Commercial Property Insurance
It covers your premises, equipment and stocks against disasters such as fire, theft or natural disasters.
Example : A fire destroys your warehouse and your goods. The insurance compensates you to replace the losses.
3. Business interruption insurance
In the event of business interruption due to a claim, this coverage compensates for the loss of income and fixed costs.
Example : After water damage in your restaurant, you have to close for several weeks. Business interruption insurance covers your expenses during this period.
4. Cyber risk insurance
It protects your business from cyberattacks, hacking, and data theft.
Example : A hacker steals your customers’ banking information. This insurance covers the costs of data recovery and legal proceedings.
5. Directors’ Liability Insurance
It covers directors and officers in the event of mismanagement that has led to prosecution.
Example : A financial decision has a negative impact on shareholders. They took legal action against the management.
“Insurance is like a parachute: it’s better to have it and not need it, than to need it and not have it.”
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