Business insurance is an important requirement for every business Business insurance provides protection for your business’ investments, property, transactions and employees Like other insurance products, business insurance policies should be tailored to fit the needs of your business and its operations. Professional Indemnity Insurance (PI) protects the professional against legal liability to pay damages to persons who have sustained financial loss arising from their own professional negligence or that of their employees in the conduct of the business.
Director’s and Officers’ Liability insurance quite simply is designed to protect Directors and Officers against personal liability that they may incur in respect of amounts which they are liable for, in respect of claims made against them arising out of the performance of their duties.
Bond insurance is a service whereby issuers of a bond can pay a premium to a third party, who will provide interest and capital repayments as specified in the bond in the event of the failure of the issuer to do so. The effect of this is to raise the rating of the bond to the rating of the insurer; accordingly, a bond insurer’s credit rating must be almost perfect.
It is in the field of interruption insurance that the importance of the assistance from loss adjusters and others arises, since as witnessed in the spate of recent natural disasters that have occurred, much can be done in emergency conditions to minimise the potential loss.
Each month you pay your insurance agent a premium which is used to purchase a certain amount of coverage during the coming month.f you experience a covered loss during that month then your insurance policy will pay for your loss according to your agreement, however, if you don’t experience a loss during the month then your premium is used simply to keep your policy active.