A strategic insurance program, based on advice from MGA Insurance Brokers can help prevent that from happening. Informed decisions need to be made about what to insure and what risks to accept, manage and minimise.
Risk prevention and loss prevention strategies often reduce the risks, thereby reducing premium costs.
Business insurance generally falls into three categories:
- Assets and Revenue - things the business owns and its revenue generating capabilities
- Liability - legal obligations arising from injury to others or damage to their property
- Personnel - protection against loss arising from personal accident or illness involving yourself or your employees.
The most commonly used by businesses insurances consist of:
- Business Interruption
- Employee Dishonesty
- Employment Practices Liability
- Fire and Perils
- Goods in Transit
- Loss of Money
- Motor Insurance
- Personal Accident, Illness or Disability
- Products Liability
- Professional Indemnity
- Public Liability
- Workers Compensation
In addition, there are other risks, which are relevant to the particular nature of a variety of businesses. For example:
- Directors & Officers (see our dedicated page to this insurance type)
- Electronic breakdown and resulting business interruption
- Fidelity Guarantee
- General Property
- Glass or sign breakage
- Legal expenses/Tax audit
- Management liability
- Product recall
- Trade credit
All businesses are different and their insurance needs vary accordingly. Business insurance packages also vary considerably and the various risks mentioned here do not constitute a definitive list.
MGA is highly experienced in the area of business insurance. Talk to one of our brokers to find out exactly what cover your organisations requires.