In Malaysia, having the right business insurance gives you more than just peace of mind. It is essential for the protection and management of your business. You face particular risks from the moment you start a business. Before hiring their first employee, businesses’ exposure to risk is vital to have the right insurance coverage. Small companies could close by just one lawsuit or catastrophic event before they even have a chance to launch. There are various insurance types available to businesses in Malaysia to protect them against these perils. Here is a list that every business must have in place as soon as possible.
Public Liability Insurance
You must consider proper Public Liability Insurance for your business if it is open to third-party visitors. Restaurant businesses, in particular, can benefit from this. The Public Liability Insurance policy would come into effect if someone slipped and fell or contracted food poisoning in your restaurant. The policy would cover these cases for any medical expenses or damage claims.
Property insurance must be purchased by every business, whether they own their space or lease it. If your business experiences a fire, storm, or theft, the insurance will cover your equipment, signage, and inventory. Standard property insurance policies don’t typically cover floods and earthquakes because they are special events. You may check with your insurer to see if a separate policy will cover these issues in your area.
Workers’ Compensation Insurance
The business should add workers’ compensation insurance to its insurance policy once they hire the first employee. If an employee is injured while in the workplace, the policy will cover medical treatment and disability. Injuries caused by slip-and-falls or medical conditions such as carpal tunnel syndrome can result in expensive claims even for employees who do seemingly low-risk tasks.
Product Liability Insurance
A product liability policy is essential if your business manufactures products for general sale. Sometimes, despite the company’s efforts to ensure its products are safe, it will still be named a defendant in a lawsuit due to damages its effect may have caused. The right kind of product liability insurance can protect a business in such a case, with coverage customized to suit the specific needs of a given product.
Company vehicles should be fully insured so that businesses are not held personally liable in an accident. The industry should at the very least ensure against third-party injury, but comprehensive insurance will provide coverage in the event of a collision. Personal insurance will protect employees if they use their vehicles for business purposes. The major exception is when they’re providing a fee-based service, including delivery personnel.
Business Interruption Insurance
Businesses will likely suffer interruptions in operations when disasters or other catastrophic events occur. Because of the reduced amount of time your staff can spend at work, generating products, or making sales calls, your business will suffer income loss. In general, this type of insurance applies to companies that operate from a physical location, including retailers. During such events, a business interruption policy compensates it for its lost income.
Office All Risk Insurance
This is a type of business insurance, or property damage insurance small business owners or property owners can take out to cover any peril. We can’t guarantee anything in life. But, while you can’t protect yourself against every single eventuality, there are a few things you can do to prepare yourself extensively for any unfortunate situation. One of the several measures you can employ to ensure this is to take out the Fincrew office all risk insurance. This insurance will always kick in and protect you, as it is still in your policy or coverage.
A business can stop a significant financial loss by having the right insurance in place in case of a lawsuit or catastrophic event. FINCREW insurance can help you determine what forms of insurance are best for your business and help you put those plans in place as soon as possible. Get in touch with us now.