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The ins and outs of Commercial Risk

Article by Auto & General

Whether you are contemplating starting a new interior design business, have owned a carpentry business for many years, or run your bed and breakfast from your home protecting your business from insured losses is one of the most important ongoing financial investments you can make. It can mean the difference between going out of business, after a severe loss or recovering from a severe loss with minimal interruption- and financial to your company’s operations. 

You can protect your business by choosing the right commercial insurance, based on the type of business you operate.

Here are some questions to consider, before you decide which cover is right for your business:

  • What are the potential risks faced by my type of business?
  • What is the replacement value of my business property?
  • Do I have expensive equipment, such as specialised instruments or stock?
  • Does my business have employees?
  • Do customers or contractors visit my business at my home?
  • Do I use my car or other vehicles in the course of my business operations?

Auto & General provides commercial insurance in three general classes: property insurance, which provides protection against events such as a business owner’s building being damaged in a fire; liability insurance, which protects the business owner in the event of negligence, and business vehicle insurance.

Auto & General also offers more specialised options, such as:

Business Interruption insurance, which reimburses you for lost profits in the case where you are forced to suspend your business operations due to an unforeseen incident such as a fire.

Errors & Omissions insurance, which protects any design professional, in the event of a law suit, alleging negligence in the provision of your services.

Directors & Officers Insurance, which protects any director or officer of a company, who as a direct result of their actions find themselves in a legal dispute.  This type of insurance covers costs or damages as a result of a lawsuit.

Auto & General is a proud Partner of the NSBC.