Making sure that you have all the right Insurances for your business
Having the right company insurance is fundamental to the protection and management of your business. It's hard to get the balance right: some will try to get away with minimal insurance, while others will overindulge on insurance they don't really need.
The easiest way to avoid this is to consult an expert. They will advise you on the appropriate insurance for your company.
As a foreign business, you are susceptible to infractions, accidents, or even disasters, that you might not be accustomed to in your home country. You only have to look back the past few years to see how many people in both the East and West have been afflicted by natural disasters.
You are advised to seek out a reputable insurance broker, who will not only be able to recommend the exact insurance needs for your company, but who will also compare deals and negotiate cost-effective packages. They will also be able to inform you of any legal requirements that you may not be aware of.
Generally, there are four main types of insurance:
By law, all vehicles must be insured to a third party liability level. There are two predominant policies to choose from: third party and comprehensive insurance. If a claim is made against you for personal injuries and legal costs, then third party injury insurance is required. Comprehensive vehicle insurance covers any damages caused to your own car by you, as well as injury, property damage, fire and theft.
This type of insurance covers you and your employees in the event of sickness, accident or illness.
An employer must provide accident or sickness cover for their employees. However, self-employed people are not covered by employee compensation, and therefore need to insure themselves through a private insurer. There are various types of insurance available, such as income protection, trauma, life and disability.
Public Liability Insurance
This is a compulsory form of cover, and protects against claims by third parties for negligence, death, injury, loss and damage of property, and economic or financial loss.
Building and Contents Insurance
This insurance covers your property and its contents and/or stock against fire, water and other damages caused be e.g. lightning, storms, explosions, burglary and theft.
For more information about insurance companies, please go to the About section and click on List of Service Providers.