Most organizations have valuable assets such as buildings, contents, stock, plant and machinery, investments on the material employed in contracts or trade etc. Losing these assets can be devastating for the company therefore it is critical to keep evaluating the assets from time to time and ensure their protection.
Immovable property such as buildings, contents, machinery, stock etc. can be insured against loss of or damage due to fire under a Fire Insurance policy if the requirement are to limit the cover against fire only, or else to fire and lightning only or can extend to include named perils such as Explosion, Air Craft damage, Riots, Strikes, Civil commotion, Malicious damage, Earthquake, Storm, Tempest, Flood, Bursting of pipes, Apparatus or tanks, Impact by vehicles and Theft.
Properties can also be insured against accidental loss of or damage in addition to the above coverage under the Property All Risks Policy.
These policies can be extended to include ancillary covers such as capital additions, temporary removal, reinstatement of value, professional fees etc.
Due to the loss of or damage to your business premises or property, you can face an interruption for your business. This can lead to an additional cost of working or reduction in turnover or loss of profit which can be devastating to any business. Besides the additional cost of working you are exposed to the usual obligations of ongoing standing costs such as rents, salaries, business mortgage, maintenance costs etc. The interruption period can also vary depending on the type and the magnitude of the damage and the rebuilding process can also vary from business to business.
These risks can be insured under suitably designed Consequential loss or Business Interruption Policy. Generally, the Policy covers loss of anticipated Gross Profit due to reduction in turnover, additional expenses reasonably incurred for avoiding or diminishing the reduction in turnover, loss of standing costs, additional Cost of Working towards reproduction of Plans & Documents and restoration of Computer data, Accountant’s fees etc.
This Policy can be extended to include consequential loss due to denial of access to the insured premises or the supplier’s premises affected by an insured peril etc.
It is critical for every business to have this protection and it is advisable to utilise the services of our consultants to ascertain the risks exposed and design suitable coverage.
Despite all the precautionary measures in place, you may be exposed to the financial risks or dishonest or fraudulent acts of your employees assigned to handle cash, sign cheques or handle important documents or stock.
Fidelity Guarantee Policy on named employees, un-named employees or on occupations can be arranged to suit your needs. The Company’s systems check or controls will determine the risks exposed.
Buildings owned or occupied for the purpose of Staff accommodations are generally exposed to various perils. These can be but not limited to Fire, Lightning, Explosion, Earthquake, Storm & Flood, Riot & Strike, Malicious Damage/Vandalism, Impact by Aircraft/Vehicles/Animals, escape of water/leakage of oil, Theft/attempted theft, falling of trees, radio and television receiving aerials and other accidental damage.
The owner or occupier can also be liable for personal injuries to domestic servants, to the public, damage to third party property, or damage to the building occupied.
Householder’s comprehensive policies are available to provide protection against physical loss of or damage to the contents or personal effects or valuables of residential building and normal liabilities arising from them.
You may be exposed to loss of money whilst in transit, kept in safe, held out of a safe, in a strong room, or in the custody of authorised employees during or outside business hours. Apart from the loss of money, you may also be exposed to the loss of or damage to cash carrying cases or safes etc. or be a victim of personal assault to cash carrying employees.
Money Insurance Policy with suitable extensions cover these risks. Loss of money due to fraudulent acts of employees if discovered within seven days can also be provided under this Policy although a specific Fidelity Guarantee Policy will be ideal.
Businesses or offices can opt to insure against most of their exposure under package or Multi-risks policies for easy administration. Properly worded package or Multi-risks policies are often cost effective and provide a wider scope of coverage. Due to their cost effectiveness and wider coverage of these policies they are popular with smaller to medium business enterprises.
