Axis Capital Group Insurance
Insurance Business Owners Should Have
In times when we get into trouble, we need to have something we can turn to. We have to get over our grief, stress and disappointment the easiest way possible. Insurance is one of the things that have been invented to ease the difficulties we are to face, especially in our self-earned business. Axis Capital, a group of insurance and reinsurance companies scattered all over the world with its main location in Bermuda to its branches in the US, Australia, UK and Singapore has been in the industry long enough for us to know and understand. As a start-up business, here are the insurances you might need in case of the unpredictable:
General Liability Insurance
Every business, even if home-based, needs to have liability insurance. This policy is best if a client files a complaint against you, your employees or your products or services as this policy provides both defense and damages against alleges of Physical injury or Property Damage.
If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
Business owner’s policy (BOP)
A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . You can review your company’s specific needs and alter what is included in your BOP. This policy, however, depends on the country where you are at as well. In developing cities such as Kuala Lumpur, Malaysia, Jakarta, Indonesia and Cambodia, you can get the full extent but in some, you have to check with your agents first.
Commercial Auto Insurance
Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.