Business insurance is a type of coverage that helps protect businesses from financial losses due to unforeseen circumstances. It provides financial security and peace of mind by transferring the risk of certain events to an insurance company after paying premium. There are various types of business insurance policies designed to address different risks. Common types include Fire & Special Perils Insurance, Burglary Insurance , General Liability Insurance including Product and Product Recall Insurance, Property Insurance, Professional Liability Insurance,/ Professional Indemnity Insurance, Workers’ Compensation insurance/Group Personal Accident, Group Life Assurance, Goods-In-Transit Insurance, Plant All Risk Insurance, Plant All Risk including Machinery Breakdown Insurance ,Consequential Loss / Business Interruption Insurance following Fire & Special Perils, Marine Insurance, Construction Insurance, Aviation and Space Insurance ,Private/Commercial Motor Insurance, Cyber Risk Insurance and Energy Insurance. At Leenkaz Insurance Brokers Limited, we will use our deep insight and experience of the market to offer customised coverage for our clients at the most competitive terms. In simple terms, we will help make informed decisions about your insurance programmes.
- General Liability ( GL) Insurance: This policy protects businesses from third-party claims of bodily injury, property damage, or personal injury. It covers legal fees, medical expenses, and damages awarded in lawsuits. If GL insurance is extended to Product liability and Recall, the insured will be compensated for their legal liability to those that suffer losses/damages as a result of consuming or being in contact with their products . Recall cost incurred as a result of regulatory action may also be covered.
- Property Insurance: Property insurance covers physical assets such as buildings, equipment, inventory, and furniture against risks like fire, theft, vandalism, or natural disasters. It helps businesses recover financially by providing funds to repair or replace damaged property.
- Professional Liability Insurance: Also known as Professional Indemnity or Errors and Omissions (E&O) insurance, professional liability insurance is essential for businesses that provide professional services. It protects against claims of negligence, errors, or inadequate work, offering financial protection and covering legal expenses.
- Combined Workers’ Compensation Insurance/Group Personal Accident: This is typically required by law and provides coverage for employees who suffer work-related injuries or illnesses. It covers medical expenses, lost wages, and rehabilitation costs. This policy also helps protect businesses from employee lawsuits related to workplace injuries.
- Business Interruption Insurance: Business interruption insurance helps businesses recover lost income and cover ongoing expenses if they are temporarily unable to operate due to covered events such as natural disasters, fires, or other disruptions. It provides financial support during the recovery period.his coverage assists businesses in recovering from financial losses caused by unexpected events, such as natural disasters or fires, that disrupt their operations. It provides compensation for lost revenue, ongoing expenses, and helps businesses get back on their fee
- Cyber Liability Insurance: With the increasing risk of cyber threats and data breaches, cyber liability insurance has become crucial for businesses. It covers expenses related to data breaches, including notification costs, legal fees, and customer support.
Business insurance plays a vital role in protecting businesses from unexpected events that could otherwise lead to significant financial loss. It allows business owners to focus on their operations with the knowledge that they have coverage in place to handle potential risks. In addition to insurance, we can help businesses implement effective risk management strategies to minimize potential risks. This includes maintaining proper safety protocols, regular inspections, employee training, and implementing security measures.
