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How should your business be protected?
Business is about taking risks in order to build wealth. There are some risks which you can avoid and others which are almost unavoidable. To safeguard your business, you need to share these unavoidable risks with other businesses so as to minimize your loss when something happens.
You share risks with others by taking out business insurance which will cover you for the identified risks.
And of course, you still need to take all necessary steps to minimize the chance of such risks really happening.
Getting the Right Coverage
As the business owner, you are best equipped to determine what risks you may have and how costly they will be if and when they occur.
Your broker can advise you on what type of insurance other similar business have as a reference.
After you have identified the risks and the cover required, your broker should:
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Find out what type of policies are available in the market to cover you against such risks; |
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Find out if there are exclusions and conditions in those policies that do not fit your requirements; |
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Find out if there are extensions and endorsements that may give you more protection; |
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Identify and select those insurers capable of providing such covers; |
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Negotiate with them to get the best price, cover and service; |
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Investigate the insurers’ claims service to see who is helpful and responsive; |
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Check the selected insurer’s financial strength rating to make sure they will be there when you need them; |
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Place the insurance with the chosen insurer; |
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Seek funding for premium - if required; |
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Provide you with all the policy documentations and assist you in understanding the coverage; |
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Update and maintain your insurance to ensure no wastage nor gap.
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