If you’re starting up or buying a new business, it’s vital to have the right insurance coverage to protect your investment and your employees’ livelihoods. But it can be confusing shopping for multiple business insurance products simultaneously. Here’s what you need to know to make the process clearer.
What Kinds of Business Insurance Should I Start with?
The number of insurance products for businesses keeps growing as new technology is developed and we find new areas that need protection. To start as a business owner, think about these areas first:
Employer's Liability Insurance
The protection of the employees as well as providing them a healthy and safe working environment, is a personal obligation of each employer and this is confirmed by the employer’s liability compulsory insurance law of 1989 (law 174/1989 - 2011).
Business Travel Insurance
A business travel policy offers much the same protection as standard travel insurance, but it also adds specific levels of cover more suited to people travelling for work. For example, when you’re on a business trip you might have items like work laptops, official documents or company money, and you can’t claim for these things on a standard policy.
Fire and Allied Perils Insurance
Protecting the physical premises of any business should be the top priority of owners to ensure operational continuity and to safeguard against the economic burdens resulting from insured damages/losses.
Directors & Officers Liability Insurance
Directors and Officers insurance protects the personal assets of corporate Directors and Officers, and their Spouses, in the event they are personally sued by employees, vendors, competitors, investors, customers, or other parties, for actual or alleged wrongful acts in managing a company.
Goods in Transit Insurance
Goods in Transit insurance, covers goods against loss or damage during inland transits with the Insured’s own vehicles. Goods shipped by sea will be covered under a separate marine insurance policy.
Be Proactive
Without coverage, you’ll have to pay out of pocket for claims reported against your business. Having to pay these costs out of pocket can cause severe financial losses that can shut down your business.
The best way to ensure that your insurance coverage addresses your needs is to speak with an agent. An experienced agent has the knowledge to ask the right questions, and to make suggestions, including add-ons or umbrella policies that can let you be confident that your retail business insurance provides the right protection for your situation.
Get insured today
Our team is here to answer any questions you may have.
The GAP Vassilopoulos Group acts as Brokers through their well-established relationships with international ‘A’ Rated insurers’ as well as the local Cyprus market can cater for a wide range of insurance products.
Drop us an email through our website or feel free to contact us at 77 77 77 75 to compare and select the most appropriate insurance policy with our specialized G.A.P. Insurance Agency team, whom will respond promptly to your needs.