Non Motor : FAQ

  • How do I determine what kind of insurance cover is required for my business??

    You can conduct a risk analysis by which you consider all possible risks and determine which are the most significant for your particular business. After considering how likely various losses are to occur, how expensive they are to mitigate you can plan for your insurance cover.

  • What types of risks need to be considered??

    The size of the company, type of industry, type of organizational structure, capitalization, geographical area, management team, degree of experience and expertise in the targeted business, capitalization, competitive environment and many other factors can have a bearing on the risk environment for the company. The business owners should address such issues in their business and strategic analyses of the company’s situation. A few of the potential operational risks are as follows:-

     
    Risk of Property Damage
    Risk of Inventory Loss or Damage 
    Risk of Loss from Employee Theft
    Risk from Various Liabilities (including injuries to customers or to others)
    Risk from Errors and Omissions Liabilities
    Business interruption Risks
    Worker’s compensation
    Unemployment
    Employee benefits
    Risk of death of an owner or key employee
    Risk of disability of an owner or key employee
  • How much is it going to cost??

    The cost is dependent on the specifics of your business situation.

  • What is property insurance??

    Property insurance protects your buildings and equipment, stock, furniture and fixtures and business income coverage. Basic property insurance will generally cover your business for losses in the event of a fire or lightning strike and will pay the cost of removing property to protect it from further loss. Additionally, a standard small business insurance policy will usually cover losses from windstorm, hail, explosion, riot and civil commotion and damage caused by aircraft, automobiles or vandalism

  • How much property insurance does my small business need??

    Property insurance can be purchased on the basis of the property's replacement value (the cost of replacing the item without deducting for depreciation.

  • How does liability insurance coverage protect my small business??

    There are many different types of third-party liabilities to be covered for a business. Public liability insurance may protect you from claims arising from someone's bodily or personal injuries. Other items that could be covered are damage to the property of others, fire, legal liability and related legal defense costs. 

  • What does the term "bodily injury" in a liability insurance policy mean??

    This refers to the injury, sickness, disease, or even death, of any person that occurs during the policy period.

  • How does Workers respond in case of an accident??

    Workers' compensation pays for the rehabilitation, recovery and medical bills of employee’s work-related injuries, as well as lost time when they are unable to work because of a work-related injury. Workers' compensation is not a substitute for health or medical insurance, since employees are only covered for on-the-job injuries.

  • When do I need to buy workers compensation??

    Workers' compensation is required when you have one or more employees.

  • How much does workers compensation insurance cost??

    Workers' compensation pricing is based upon your employee payroll, the number and job classification of the employees, classification of your business and past loss experience. 

  • What are errors & omissions insurance??

    Errors & omissions insurance provides coverage for people who give advice, make educated recommendations, design solutions or represent the needs of others. "E&O" is also referred to as professional liability or malpractice insurance. This type of liability insurance would cover you and your employees in the event someone claims you incorrectly performed or failed to perform your professional duties.